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Array Biopharma

Array is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer and inflammatory diseases. Deerfield had been a long-term holder of Array’s equity and in 2008 partnered with Array to provide the company with $80 million to fund proof-of-concept studies for its five wholly owned compounds. This was a critical time for the company as spend was high and traditional equity capital expensive. Deerfield responded with a facility that reduced Array’s overall cost of capital, kept cashflow within the company and allowed more compounds to advance more quickly than they might have if the company had remained capital-constrained.