Array Scores Novartis For Stock Surge (ARRY, NVS)

Posted in pre-market 
April 20th, 2010

Array BioPharma, Inc. (NASDAQ: ARRY) is soaring after it secured an alternative to a marger… it has entered into a worldwide partnership covering its cancer drugs with Novartis AG (NYSE: NVS).  The pact calls for a $45 million upfront and milestone payment and the royalties can bring the total deal up to $467 million if all targets are hit.  Array’s market cap as of the close was $152.7 million based on a $3.02 closing bell price.

FULL NEWS IN DETAIL at BioHealthInvestor.com

At 8:00 AM EST shares are up 30% at $3.94 and almost 200,000 shares have already traded hands.  The average volume is only 323,000 shares and the 52-week range is $1.68 to $4.65.  This one traded over 1.2 million shares in the after-hours session alone last night.

JON OGG

Comments are closed

-->