Pfizer announced it will acquire Array BioPharma for $11.4 billion in a merger agreement that will significantly expand its oncology drug portfolio.

“The proposed acquisition of Array… sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside [our] existing expertise in breast and prostate cancers,” Pfizer said.

Array’s portfolio includes a promising combination therapy — Braftovi (encorafenib) and Mektovi (binimetinib) — currently being investigated in over 30 clinical trials, including the Phase 3 BEACON trial in BRAF-mutant metastatic colorectal cancer.

The company expects to complete the acquisition later this year, pending regulatory approval.