By Kimberly Chin

Pfizer Inc. agreed to buy Array BioPharma Inc. in a deal worth $10.64 billion, as the company looks to expand its pipeline of cancer therapies.

Pfizer said it would pay Array shareholders $48 for each of its shares outstanding in cash. The pharmaceutical company said it would fund the transaction with debt and existing cash.

Shares of Array climbed 60% while Pfizer was off 0.14% in premarket trading.

Array's portfolio includes Braftovi and Mektovi, which have been approved for combined use in the treatment of metastatic melanoma. The combined therapy is currently being tested in more than 30 clinical trials for other tumor-related diseases, such as metastatic colorectal cancer.

Pfizer expects the deal, which is worth $11.4 billion including debt, to be completed in the second half of the year.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

June 17, 2019 07:54 ET (11:54 GMT)

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