Array acquires BRAF inhibitor from Novartis

Array BioPharma Inc. (NASDAQ:ARRY) surged $2.06 (41%) to $7.11 after gaining worldwide rights to encorafenib ( LGX818) from Novartis AG (NYSE:NVS; SIX:NOVN). Array said it will make a "de minimis" upfront payment to Novartis, but the deal does not include milestones or royalties.

Last month, Novartis returned to Array rights to oral small molecule selective MEK1 and MEK2 inhibitor binimetinib in the aftermath of Novartis' asset-swapping deal with GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) (BioCentury Extra, Dec. 3, 2014). ...