Array BioPharma Investors’ $8.5 Million Deal Gets First Court OK

Array BioPharma Inc. and its investors can move forward with an $8.5 million settlement in a lawsuit alleging misstatements about a new drug after a federal court in Colorado gave the deal preliminary approval.

Investors accused the pharmaceutical company of misleading them about the Food and Drug Administration approval process for binimetinib, intended to treat melanoma. They cleared the first hurdle for a settlement to benefit anyone who acquired Array common stock from June 30, 2016, through March 17, 2017, the U.S. District Court for the District of Colorado said Tuesday.

The cash deal “is at the high end ...