The acquisition provides Pfizer with the two approved drugs Braftovi (encorafenib) and Mektovi (binimetinib).

After collaborating with Array BioPharma for 18 months, Pfizer has taken the leap and announced an $11.4 billion deal to acquire the company and expand its oncology portfolio. The deal provided Array investors with a 62% premium off the share price at the close of trading on Friday, June 14.

The purchase brings to Pfizer two successful marketed drugs: Braftovi (encorafenib) and Mektovi (binimetinib), which are approved in the United States as a combination melanoma therapy, as well as a pipeline of candidates. Array is also developing a triple therapy with these two drugs in combination with Erbitux for the treatment of colorectal cancer, for which Array plans to file an NDA in the second half of 2019. Array is also investing in combination therapies with Braftovi and Mektovi in over 30 clinical trials across several solid tumor indications

Pfizer will also benefit from a number of ongoing clinical trials investigating cancer therapies combining Array drugs with products from Eli Lilly, Seattle Genetics, Bayer and others.

The deal was made by new Pfizer CEO Albert Bourla following a period of time when the previous leadership turned away from acquisitions to focus on internal R&D. Most big pharma players have made deals this year as well, bringing M&A back to the fore.