Array shares spike on $467M Novartis cancer pact

Shares of Boulder, CO-based Array BioPharma (NASDAQ: ARRY) spiked 33 percent overnight after the developer announced that it had inked a $467 million oncology pact with Novartis. The deal includes a $45 million upfront and milestone payment for ARRY-162, a back-up small molecule, as well as additional MEK inhibitors. The terms of the deal include $422 million in milestones along with the potential to earn double-digit royalties on sales outside the U.S. and "significantly higher"...