Pharma BD Deal Intelligence
Pfizer acquired Array BioPharma in 2019 for approximately $11.4 billion ($48 per share in cash), gaining BRAFTOVI (encorafenib) and MEKTOVI (binimetinib), BRAF/MEK inhibitors approved in BRAF-mutant melanoma, plus a pivotal-stage program in BRAF V600E-mutant metastatic colorectal cancer (BEACON trial). The colorectal opportunity advanced materially: on February 24, 2026 the FDA granted full approval to BRAFTOVI in combination with cetuximab and fluorouracil-based chemotherapy (mFOLFOX6/FOLFIRI) for first-line BRAF V600E-mutant metastatic colorectal cancer, converting the December 2024 accelerated approval. The decision rested on the Phase 3 BREAKWATER trial, in which the regimen doubled median overall survival to 30.3 months versus 15.1 months (51% reduction in risk of death) and improved median progression-free survival to 12.8 versus 7.1 months. It is the only approved targeted regimen for first-line BRAF V600E-mutant mCRC. Reflecting the new label, the franchise has returned to growth: combined Braftovi/Mektovi sales were $202M in Q3 2025 (+17% YoY) and $197M in Q4 2025 (+16% YoY), after combined 2024 sales of roughly $600M. The deal's value-realization gap against the $11.4B purchase price persists, but the first-line CRC approval reopens the largest near-term growth lever in the franchise.