Pfizer to Buy Cancer Drug Maker Array BioPharma for $10.64 Billion

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Pfizer Inc. agreed to buy Array BioPharma Inc. for $10.64 billion in cash, as one of the world’s biggest pharmaceutical companies seeks to expand its cancer lineup with targeted therapies.

Monday’s deal for Array, which garnered a 62% premium to its closing price Friday, suggests just how important the market for cancer drugs is for the world’s biggest pharmaceutical companies.

Pfizer…