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Array windfall from Novartis-GSK deal

December 4, 2014 2:58 AM UTC

Array BioPharma Inc. (NASDAQ:ARRY) gained $0.89 (23%) to $4.80 in after-hours trading on Wednesday after Novartis AG (NYSE:NVS; SIX:NOVN) returned rights to oncology candidate binimetinib in the aftermath of the pharma's asset-swapping transaction with GlaxoSmithKline plc (LSE:GSK; NYSE:GSK).

Novartis will pay Array $85 million up front and continue paying for three Phase III studies of the small molecule oral selective MEK1 and MEK2 inhibitor. ...