Shares of Array BioPharma Inc (NASDAQ: ARRY), engaged in the development and commercialization of small molecule drugs to treat patients afflicted with cancer and inflammatory diseases, recorded over 10.0% gain during each of the past two consecutive trading sessions with significant number of shares exchanging hands. ARRY was among the top performers in the U.S. healthcare sector after gaining 10.2% and closed at $4.93 Friday, while recording significant trading volumes of 13.7 million shares. The stock’s price rise is attributable to the ARRY’s recent announcement that it has reached a definitive agreement with Novartis International Pharmaceutical Ltd. to regain full worldwide rights to binimetinib (an oral small-molecule MEK inhibitor, used in the Cancer treatment). Upon deal close, ARRY will receive up to $85 million and Novartis’ global exclusive license to binimetinib will terminate with all rights reverting to ARRY. During the past 5-trading sessions, ARRY gained 22.3% with daily average trading volumes of 7.1 million shares, while the stock accumulated 27.1% gain during the past one month with daily average trading volumes of 2.3 million shares.
Company Description:
Array BioPharma Inc. (NASDAQ: ARRY), a discovery research company, creates drug candidates. The company provides drug discovery products and services to create, evaluate, and optimize potential drug candidates in collaboration with pharmaceutical and biotechnology companies.
1-Year Stock Chart:
Source: Bloomberg
