Today's Stock Exchange
|Index||Percentage Change||Point Change|
|S & P 500||0.09%|| 2.69 [19659%Yahoo!Finance
<p class = "Canvas Atomic Canvas Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "As for individual stocks, Pf r (NYSE: PFE) acquires Array BioPharma (NASDAQ: ARRY) and Sotheby's (NYSE: BIDB) is privatized. "Data-reactid =" 16 "> Regarding Single Stocks Acquires Pf r (NYSE: PFE)  Array BioPharma (NASDAQ: ARRY) and Sotheby's (NYSE: BID) is privatized.
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Pfizer strengthens its position in cancer
The shares of cancer specialist Array BioPharma increased by 56.9% to $ 46.44 from Pfizer, worth $ 11.4 billion. Pfizer is paying $ 48 a share in cash for Colorado-based biotech, following the approval of the two companies' boards of directors. The Pfizer share gained 0.3%.
Array BioPharma received FDA approval one year ago for its combination drug Braftovi and Mektovi for the treatment of metastatic melanoma with a mutation called BRAF. The market for this indication covers approximately 13,500 patients worldwide each year. However, in the past month, the company also reported positive results from two late-stage studies on colorectal cancer drugs that opened the possibility of a first chemotherapy-free treatment for up to 30,000 patients per year with the disease. Array has 13 more drugs in the clinical pipeline.
Pfizer is using its strong balance sheet and cash flow to strengthen its long-term position in oncology, the fastest-growing segment of the pharmaceutical industry. The company expects earnings per share to decline $ 0.04 to $ 0.05 over the next two years, but earnings will not increase until 2022.
The auction house Sotheby's announced that it was taken over by media entrepreneur and art collector Patrick Drahi for $ 57 in cash and the stock rose 58.6% to 56, 13 USD. The deal brings Sotheby's back to private ownership after 31 years as a public company.
The purchase price is $ 3.7 billion for Sotheby & # 39; s company. The stock was an up and down for investors. It rose more than 200% from early 2016 to mid-2017, but has since largely gone down. Despite the high premium for the stock, the repurchase price for the icon of income inequality is still below the 52-week high.
Tad Smith, CEO of Sotheby & # 39; s, mentioned in the press release the freedom the company will have in private hands. "This acquisition provides Sotheby & # 39; s the opportunity to see the successful program of growth initiatives of recent years accelerate a more flexible private environment. "
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " More of the colorful fool "data-reactid =" 37 "> More of the Colorful Fool
<p class =" Canvas Atomic Canvas Text Mb (1.0em) Mb (0) – sm Mt (0.8em ) – sm "type =" text "content =" Jim Crumly owns shares of Pfizer Motley Fool has no position in any of these stocks Motley Fool has a disclosure policy "data-reactid =" 45 "> Jim Crumly owns Pfizer shares. The Motley Fool has no position in any of these stocks. The Motley Fool has a disclosure policy.