Array takeout buoys biotechs, strengthens Pfizer in targeted oncology
Public biotechs got a boost Monday on the strength of Pfizer's $11.4 billion buyout of Array, signaling that continued M&A interest in the sector can help reverse the loss in momentum that has led to its underperformance against the broader markets thus far in 2Q19.
The NASDAQ Biotechnology Index (NBI) climbed about 3% on Monday, while broader indexes were relatively flat (see "Room to Rally in 2Q").
The acquisition will end the 21-year history of Array BioPharma Inc. (NASDAQ:ARRY) as a stand-alone platform company. The biotech's