The pharmaceutical company Pfizer said early Monday that it would buy Array BioPharma, a maker of cancer drugs, for $11.4 billion, a measure that includes debt as well as the value of the stock.
Pfizer said on Monday that its acquisition of Array (ARRY) would help the company establish dominance in the market for drugs for colorectal cancer. Array sells a number of commercially available drugs that target skin cancers. It is currently in Phase 3 trials for a colorectal cancer therapy, and has a number of other drugs in its pipeline. Pfizer noted in its statement that colorectal cancer is the third-most common type of cancer in the U.S.