Long wait cost Pfizer until BEACON data clinched Array deal

By waiting for a crucial clinical readout that arrived in May 2019, Pfizer watched Array's stock price climb for two years, eventually paying a takeout price that was well over four times the biotech's value when Array began seeking a buyer in early 2017.

The pharma's $48-per-share offer last month valued Array BioPharma Inc. (NASDAQ:ARRY) at $11.4 billion. An SEC filing published June 28 revealed that Array engaged with a financial advisor on Jan. 23, 2017, when its shares closed at $11.18, giving it a market cap of $2.3 billion...