Shares of cancer-therapy companies are skyrocketing after some big news today:
Shares of cancer-therapy companies shot up on Monday after Pfizer Inc. announced it would acquire cancer drug maker Array BioPharma Inc. in a deal worth up to $11.4 billion.
Pfizer’s acquisition “signals more deals will happen,” Jefferies health-care trading desk strategist Jared Holz told MarketWatch in an email, adding that the amount Pfizer paid — $48 a share, an almost 13% premium over Monday’s share price — bodes well for potential acquisition targets. Anticipation around M&A should continue to drive momentum in the share price of some cancer-therapy companies, he said.
Pfizer PFE, -0.05% is looking to expand its pipeline of cancer drugs with this acquisition. Array’s ARRY, +57.45% portfolio includes Braftovi and Mektovi, which have been approved for combined use in the treatment of certain advanced metastatic melanomas. The combined therapy has significant potential for long-term growth, Pfizer said, and is being tested in more than 30 clinical trials for treatment of several other cancers, including metastatic colon cancer.
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