Array closes deal with French biopharma to advance cancer-fighting drugs

BOULDER — Array BioPharma Inc. on Monday said it has closed its deal with French drugmaker Pierre Fabre to globally develop and commercialize Array’s cancer-fighting drugs, binimetinib and encorafenib.

The deal, announced Nov. 16, cleared its final hurdle when it was approved by the European Commission on Competition, the companies announced Monday.

Boulder-based Array (Nasdaq: ARRY) will receive an upfront payment of $30 million and is entitled to receive up to $425 million if certain development and commercialization milestones are achieved.

Array retains commercialization rights for the two drugs in the United States, Canada, Japan, Korea and Israel. France-based Pierre Fabre will have…