Pfizer To Buy Array Biopharma, Bitcoin Surges, BABA Stock Split and More

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Pfizer acquires Array Biopharma

Pfizer Inc (NYSE: PFE) has agreed to buy Array BioPharma Inc (NASDAQ: ARRY) in a $11.4 billion deal, including debt.

Pfizer will pay $48 in cash for each Array shares outstanding, according to a statement released by the companies on Monday morning. That represents a premium of about 62% to Array’s closing price of $29.59 on Friday.

The deal has been approved by the boards of directors of both companies. Shares of Array BioPharma Inc. rallied 56% in premarket trading Monday after the announcement, while those of Pfizer were little changed.

Meanwhile, U.S stock futures were modestly higher this morning, as investors await a U.S. Federal Reserve meeting set to happen later this week. As of 4:31 a.m. ET, futures on the blue-chip Dow were up 24.5 points, or 0.09% to 26,152.5.

Futures on the tech-heavy Nasdaq 100 climbed 17 points, or 0.23% to 7,521.75 while those on the broader S&P 500 were seen gaining 2.87 points, or 0.10% to 2,897.62.

Bitcoin surges above $9,000

Bitcoin soared past $9,000 level Sunday for the first time since May 2018, amid reports that Facebook Inc (NASDAQ: FB) will roll out its own cryptocurrency dubbed “GlobalCoin” next year.

Bitcoin rose to a record 13-month high of $9,300 on Sunday, but later pulled back to $9,200. The cryptocurrency has gained more than 140% since the beginning of the year.

Alibaba plans a one-to-eight stock split

Alibaba Group Holding (NYSE: BABA) is planning a one-to-eight share split ahead of its proposed secondary listing in Hong Kong later this year.

“The Board of Directors is proposing the Share Subdivision to increase the flexibility for the Company in future capital market activities,” the Chinese e-commerce giant revealed in a filing with the U.S. Securities and Exchange Commission.

Alibaba will split one ordinary share into eight under the proposal, meaning the current number of ordinary shares will increase to 32 billion from 4 billion. New York-listed shares of the company were little changed in premarket trading Monday.

Boeing CEO on 737 Max crashes: ‘We made a mistake’

Boeing (NYSE: BA) CEO Dennis Muilenburg says the aerospace giant made a “mistake” in handling communication lapses in its 737 Max planes before two fatal crashes in Ethiopia and Indonesia that claimed the lives of 346 people.

Muilenburg told reporters at an air show in Paris that Boeing’s communication with the public, customers, and regulators was inconsistent and “unacceptable.”

“We clearly had a mistake in the implementation of the alert,” the chief executive said, referring to a safety indicator in the cockpit that malfunctioned. He promised transparency as Boeing works to return the grounded jet back to the skies.

Shares of the company were down 0.43% to $348.66 in premarket trading session.