Pfizer plans to acquire Array BioPharma in a deal valued at $11.4 billion, the companies announced June 17.
When the transaction closes, the largest U.S. drugmaker will gain access to Array's approved treatment for skin cancer as well as its other experimental cancer drugs.
Pfizer is working to diversify its pipeline as its blockbuster pain medication Lyrica gains generic rivals.
Under the agreement, Pfizer will pay $48 per share of Array.
The boards of both companies have approved the deal. When the transaction is finalized, Array's employees will join Pfizer.
Read the full news release here.