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PFE

Pfizer

$42.75

0.24 (0.56%)

, ARRY

Array BioPharma

$29.59

0.17 (0.58%)

06:49
06/17/19
06/17
06:49
06/17/19
06:49

Pfizer to acquire Array BioPharma for $48.00 per share in cash, or $11.4B

Pfizer (PFE) and Array BioPharma (ARRY) announced that they have entered into a definitive merger agreement under which Pfizer will acquire Array, a commercial stage biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule medicines to treat cancer and other diseases of high unmet need. Pfizer has agreed to acquire Array for $48 per share in cash, for a total enterprise value of approximately $11.4B. The Boards of Directors of both companies have approved the merger. Upon the close of the transaction, Array's employees will join Pfizer and continue to be located in Cambridge, Massachusetts and Morrisville, North Carolina, as well as Boulder, Colorado, which becomes part of Pfizer's Oncology Research & Development network in addition to La Jolla, California and Pearl River, New York. Pfizer expects to finance the majority of the transaction with debt and the balance with existing cash. The transaction is expected to be dilutive to Pfizer's Adjusted Diluted EPS by 4c-5c in 2019, 4c-5c in 2020, neutral in 2021, and accretive beginning in 2022, with additional accretion and growth anticipated thereafter. Pfizer will provide any appropriate updates to its current 2019 guidance in conjunction with its third quarter 2019 earnings release. Under the terms of the merger agreement, a subsidiary of Pfizer will commence a cash tender offer to purchase all outstanding shares of Array common stock for $48 per share in cash for a total enterprise value of approximately $11.4B. The closing of the tender offer is subject to customary closing conditions, including regulatory approvals and the tender of a majority of the outstanding shares of Array common stock. The merger agreement contemplates that Pfizer will acquire any shares of Array that are not tendered into the offer through a second-step merger, which will be completed promptly following the closing of the tender offer. Pfizer expects to complete the acquisition in the second half of 2019.

PFE

Pfizer

$42.75

0.24 (0.56%)

ARRY

Array BioPharma

$29.59

0.17 (0.58%)

  • 28

    Aug

  • 16

    Sep

PFE Pfizer
$42.75

0.24 (0.56%)

05/30/19
GUGG
05/30/19
NO CHANGE
GUGG
Buy
Array BioPharma could be seen as target after 'de-risking' data, says Guggenheim
Guggenheim analyst Michael Schmidt said Array Biopharma (ARRY) may be perceived by investors as a theoretical acquisition target following the disclosure of Phase 3 interim results of Braftovi/Mektovi in BRAF+ colorectal cancer, which he views as positive and a "de-risking event." 67% of announced acquisitions in oncology with a comparable market cap to Array had what he would consider major pipeline de-risking events in the 6 months prior to their deal announcements, Schmidt tells investors. Merck (MRK) and Pfizer (PFE) "seem to have most bandwidth for a deal," said Schmidt, who added that those two along with Bristol-Myers (BMY), AstraZeneca (AZN) and Roche (RHHBY) scored highest as possible large cap theoretical acquirers of Array in his analysis. Schmidt raised his price target on Array Biopharma shares to $38 from $37, though his analysis suggests a potential $40-$50 acquisition price if the company were to be bought.
06/04/19
MSCO
06/04/19
INITIATION
Target $48
MSCO
Overweight
Pfizer resumed with an Overweight at Morgan Stanley
Morgan Stanley analyst David Risinger resumed coverage of Pfizer with an Overweight rating and $48 price target, stating that he sees Ibrance and pipeline products driving accelerating growth starting next year. Risinger estimates Pfizer will see 3-yr revenue CAGR of 6% from FY20-23 and EPS growth of 11% over the same period, he tells investors.
06/04/19
06/04/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Uber (UBER) was initiated with an Overweight at Barclays and Morgan Stanley, an Outperform at Oppenheimer, Cowen, William Blair, and JMP Securities, a Buy at Canaccord, SunTrust, Deutsche Bank, Loop Capital, Mizuho, BTIG, Needham, and BofA/Merrill, and a Neutral at Citi. 2. Lyft (LYFT) was initiated with a Buy at BTIG, SunTrust, and Citi, a Hold at Loop Capital, and an Equal Weight at Barclays. 3. Alibaba (BABA), JD.com (JD), and Twitter (TWTR) were initiated with a Buy at Loop Capital, while Alphabet (GOOG, GOOGL) was initiated with a Hold. 4. Pfizer (PFE) was resumed with an Overweight at Morgan Stanley. 5. Neon Therapeutics (NTGN) was initiated with a Buy at Mizuho. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/14/19
MAXM
06/14/19
INITIATION
Target $6
MAXM
Buy
Achieve Life Sciences initiated with a Buy at Maxim
Maxim analyst Jason McCarthy initiated Achieve Life Sciences (ACHV) with a Buy rating and a price target of $6, citing the company's development of a "de-risked" smoking cessation aid cytisinicline. The analyst notes that cytisinicline has been in the Eastern European market since the 1970's but has also recently gained "proof of concept" data with a positive phase 2b study of 54% abstinence following 3mg daily intake vs. 16% for placebo. McCarthy adds that Pfizer's (PFE) competing Chantix generated $838M in revenue in FY18 but covered only about 3% of the U.S. smoking population.
ARRY Array BioPharma
$29.59

0.17 (0.58%)

05/21/19
PIPR
05/21/19
NO CHANGE
Target $35
PIPR
Overweight
Array BioPharma price target raised to $35 from $28 at Piper Jaffray
Piper Jaffray analyst Edward Tenthoff raised his price target for Array BioPharma to $35 from $28 and maintained an Overweight rating after the Phase III BEACON trial of MEKTOVI, BRAFTOVI and Erbitux in previously treated BRAF-mutant colorectal cancer met the primary endpoint with median overall of 9.0 months vs. 5.4 months. The doublet of BRAFTOVI and cetuximab also met significance with mOS of 8.4 months and objective response rate of 20.4%, Tenthoff tells investors in a research note. Array intends to file for sNDA in 2nd-line CRC in the second half of 2019, but Tenthoff says that with Breakthrough Designation and no approved therapies, he believes these data could enable TripleRx accelerated approval in the U.S. next year.
05/22/19
RHCO
05/22/19
NO CHANGE
Target $32
RHCO
Buy
Array BioPharma price target raised to $32 form $26 at SunTrust
SunTrust analyst Peter Lawson raised his price target on Array BioPharma to $32 and kept his Buy rating after its "encouraging" results in Phase 3 BEACON CRC trial that met both primary endpoints for overall survival and overall response rate. The analyst notes that he is increasing his assumed probability of success for the "triplet of bini/enco + cetux" in BRAF CRC to 90% from 70% and expects a filing in the second half of this year along with the "full interim data" coming at ESMO in early July.
05/22/19
CANT
05/22/19
NO CHANGE
Target $34
CANT
Overweight
Array BioPharma price target raised to $34 from $30 at Cantor Fitzgerald
Cantor Fitzgerald analyst Varun Kumar raised his price target for Array BioPharma to $34 from $30 saying the company yesterday reported an "impressive" hazard ratio on overall survival in the Beacon-CRC study. The analyst believes the results should support FDA approval in the second-line BRAF mutant metastatic colorectal cancer. He keeps an Overweight rating on shares of Array BioPharma.

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SHIP

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