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WIKI ANALYSIS
Array BioPharma (ARRY) is creating the next generation of orally active drugs by utilizing the latest advances in chemistry, biology, and informatics. The company's discovery platform integrates various research technologies, including proprietary computational software, lead optimization, library screening, state-of-the-art protein x-ray crystallography, and extensive safety profiling. Array offers these Contract Research Services to a number of leading biotechnology and pharmaceutical companies such as Eli Lilly, Roche, Amgen, Genentech, AstraZeneca, Celgene, Trimeris, ICOS, Ono Pharmaceuticals, and InterMune. Array collaborates with these companies to design, create, and optimize drug candidates across a broad range of therapeutic areas. Array also possesses its own In-house Research and Development (R&D) Programs, and drug development pipeline. The company focuses primarily in areas where there is a significant unmet medical need. Current programs in cancer and inflammatory diseases include several promising small molecule drugs that regulate targets in therapeutically important disease pathways. Array BioPharma currently employs approximately 335 professionals, including roughly 255 scientists. It was founded in 1998 and is headquartered in Boulder, CO.
In June 2006, Array BioPharma Inc. completed a series of agreements with its existing landlords for its Boulder and Longmont, Colorado facilities and with BioMed Realty Trust, Inc., a real estate investment trust, under which Array will assign options to purchase its facilities to BioMed. BioMed will purchase the Boulder and Longmont facilities and then lease those facilities to Array through 2016. The transaction was completed in August of 2006, and Array received approximately $32 million in net additional cash. Array will keep its headquarters in Boulder and continue operating its 228,000 square foot research facilities in Boulder and Longmont, Colorado. In August 2005, Array announced an amendment to its Longmont facility lease, under which Array received the options to expand and to purchase the facility. At that time, Array anticipated that it would consolidate all operations in Longmont. In recent negotiations with the owner of the Boulder facility, however, Array was able to obtain improved terms and an option to purchase the buildings.
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