NEW YORK (AP) — Pfizer is buying the cancer treatment company Array BioPharma in a deal worth $11.4 billion.

Array has a combination therapy for BRAF-mutant metastatic melanoma, along with a pipeline of targeted cancer medicines in development and a portfolio of other medicines that are expected to generate significant royalties over time.

It announced significant advancement in the treatment of colorectal cancer last month.

Array's employees will remain in their current locations, which include Cambridge, Massachusetts, Morrisville, North Carolina, Boulder, Colorado, La Jolla, California and Pearl River, New York.

Pfizer Inc. will pay $48 per share and expects the deal to close in the second half of the year.

Shares of Array BioPharma Inc. surged 60 percent before the opening bell Monday.