Arraybiopharma

Array BioPharma Inc. was a biopharmaceutical company headquartered in Boulder, Colorado, focused on the discovery, development and commercialization of targeted small molecule drugs for cancer and other diseases of high unmet need, including inflammatory and metabolic diseases in earlier descriptions of its pipeline. The company traded on NASDAQ under the ticker ARRY and reached commercial stage with the approved combination of BRAFTOVI (encorafenib) and MEKTOVI (binimetinib) for BRAF V600E or BRAF V600K mutant unresectable or metastatic melanoma, both first approved in the United States on 27 June 2018.

Beyond its own marketed products, Array maintained a broad pipeline of targeted cancer medicines and a portfolio of out-licensed candidates partnered with other pharmaceutical companies, including selumetinib (AstraZeneca), danoprevir (Roche), ipatasertib (Genentech), larotrectinib (Loxo Oncology) and tucatinib (Cascadian Therapeutics). At the time of the Pfizer transaction, the BRAFTOVI/MEKTOVI combination was under investigation in more than 30 clinical trials across solid tumor indications, including the Phase 3 BEACON trial in BRAF-mutant metastatic colorectal cancer. In its earlier years the company was described as a discovery research organization that sold chemicals and services to the pharmaceutical industry, built around what it called the Array Discovery Platform.

Founding story

Array BioPharma was founded in 1998 in Boulder, Colorado by Kevin Koch, Anthony D. Piscopio, K. C. Nicolaou and David L. Snitman. Piscopio served as Vice President of Chemistry and Director of Process Research and Development from the company's founding and led the build-out of a process research and development organization of more than 30 scientists across process research, analytical development, formulations and cGMP manufacturing before leaving at the end of 2005.

Business model

Array combined proprietary drug discovery and development of wholly owned small molecule programs with collaborations and out-licensing arrangements with larger pharmaceutical and biotechnology companies, which contributed upfront payments, milestones and royalties. Earlier in its history it also sold chemicals and research services to the pharmaceutical industry.

Revenue sources described in the sources include commercial sales of approved products (BRAFTOVI and MEKTOVI), and upfront payments, milestone payments and royalties from a portfolio of out-licensed drug candidates partnered with companies such as AstraZeneca, Roche, Genentech, Loxo Oncology and Cascadian Therapeutics.

Traction

By 2017 the company reported eight registration studies advancing across seven Array-owned or partnered drugs. Binimetinib and encorafenib both received first U.S. approval in June 2018, and the combination was under investigation in over 30 clinical trials. In May 2019 the Phase 3 BEACON trial interim analysis showed the BRAFTOVI triplet combination significantly improved overall response rate and overall survival, reducing the risk of death by 48% versus control.

Latest developments

On 17 June 2019 Pfizer and Array announced a definitive merger agreement at $48 per share in cash, approximately $11.4 billion enterprise value, structured as a cash tender offer followed by a second-step merger; Pfizer expected to close in the second half of 2019 and Boulder Ventures records the acquisition as completed in July 2019. Array had planned to submit BEACON data for U.S. regulatory review in the second half of 2019.