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Pfizer closes Array acquisition

By Dan Mika — 

NEW YORK and BOULDER  — Pfizer Inc. (NYSE: PFE) has completed its $11 billion acquisition of Boulder-based oncology company Array BioPharma.

Approximately 77 percent of Array shares were tendered to Pfizer by the deadline last Friday, according to filings with the U.S. Securities and Exchange Commission, meeting the deal’s minimum requirements. Array’s stock, which was purchased at $48 per share by Pfizer, was delisted from the Nasdaq exchange at $47.85 per share Tuesday morning.

Array and Pfizer announced the deal on June 17.

“We are proud to bring Array’s exceptional scientific talent and broad pipeline into Pfizer,” said Pfizer chief scientific officer Mikael Dolsten in a prepared statement. “Combined with Pfizer’s leading research and development capabilities, today’s announcement strengthens our potential to translate advanced science and technologies into the breakthroughs that change patients’ lives.”

Pfizer spokeswoman Patricia Kelly said the company has no intention of reducing headcount at the former Array office or moving employees to other research sites across the country.

The deal also ends the chances of a handful of federal lawsuits filed by Array investors hoping to stop Pfizer’s acquisition. Three of the five suits that tried to halt the deal were voluntarily withdrawn, according to court records.

NEW YORK and BOULDER  — Pfizer Inc. (NYSE: PFE) has completed its $11 billion acquisition of Boulder-based oncology company Array BioPharma.

Approximately 77 percent of Array shares were tendered to Pfizer by the deadline last Friday, according to filings with the U.S. Securities and Exchange Commission, meeting the deal’s minimum requirements. Array’s stock, which was purchased at $48 per share by Pfizer, was delisted from the Nasdaq exchange at $47.85 per share Tuesday morning.

Array and Pfizer announced the deal on June 17.

“We are proud to bring Array’s exceptional scientific talent and broad pipeline into Pfizer,” said Pfizer chief scientific officer Mikael Dolsten in a prepared statement. “Combined with Pfizer’s leading research and development capabilities, today’s announcement strengthens our potential to translate advanced science and technologies into the breakthroughs that change patients’ lives.”

Pfizer spokeswoman Patricia Kelly said the company has no intention of reducing headcount at the former Array office or moving employees to other research sites across the country.

The deal also ends the chances of a handful of federal lawsuits filed by Array investors hoping to stop Pfizer’s acquisition. Three of the five suits that tried to halt the deal were voluntarily withdrawn, according to court records.

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