Pfizer Inc. (PFE) - Get Report said Monday it has agreed to acquire Array Biopharma (ARRY) - Get Report in an all-cash deal that values the cancer drug specialist at around $11.4 billion.

Pfizer will pay $48 per share for Array, a 62.2% premium to its Friday closing price, pegging the value of the group, including debt, at $11.4 billion. Pfizer said the deal, once closed later this year, will dilute its 2019 earnings by between 4 cents and 5 cents a share. The transaction will be largely neutral to 2020 earnings, Pfizer said, before adding to its bottom line in 2021.

"Today's announcement reinforces our commitment to deploy our capital to bring breakthroughs that change patients' lives while creating shareholder value," said Pfizer CEO Albert Bourla. "The proposed acquisition of Array strengthens our innovative biopharmaceutical business, is expected to enhance its long-term growth trajectory, and sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer's existing expertise in breast and prostate cancers."

Array shares were marked 55.34% higher at $45.96 each at the start of trading following news of the takeover, while Pfizer shares were seen 0.3% lower at $42.62 each.

Oncology takeovers have dominated the pharmaceutical sector this year, with Eli Lilly & Co. (LLY) - Get Report  paying $8 billion in cash for cancer drug specialists Loxo Oncology (LOXO) - Get Report  in January and Bristol-Myers Squibb Co. (BMY) - Get Report agreeing to buy Celgene Corp. (CELG) - Get Report in a deal that values the group at $74 billion just a few days earlier.

Array specializes in developing and bringing to market so-called targeted small molecule drugs for patients with cancer and other diseases, and currently has several drugs in scores of clinical trials, including one in advanced trials for colorectal cancer.

Last month, Array posted a narrower-than-expected third quarter loss of 17 cents per share and topped analysts' forecasts with $64.7 billion in group revenues.