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Array BioPharma Announces Exercise of Over-Allotment Option In Initial Public Offering

BOULDER, Colo., Dec. 7 /PRNewswire/ -- Array BioPharma, Inc. (Nasdaq: ARRY) announced today that the underwriters of its recent initial public offering of common stock have exercised in full their over-allotment option and purchased an additional 975,000 shares at $7.50 per share on December 4th 2000. All of the over-allotment shares were sold by Array BioPharma. After giving effect to the sale of the over-allotment shares, a total of 7,475,000 shares of common stock were offered and sold in the offering and approximately 22,948,569 shares of common stock are issued and outstanding.

On November 17, 2000, Array BioPharma priced its initial public offering of 6,500,000 shares of common stock at $7.50 per share. The initial public offering was underwritten by Lehman Brothers Inc., Deutsche Banc Alex. Brown and Legg Mason Wood Walker, Incorporated.

Array BioPharma is a discovery research company creating drug candidates through innovations in chemistry. Array's scientists provide premium drug discovery products and services to create, evaluate and optimize potential drug candidates in collaboration with pharmaceutical and biotechnology companies. Array's information-based approach is designed to improve the efficiency of the drug discovery process and increase the quality of potential drug candidates. Array also applies its drug discovery capabilities internally for its own drug discovery programs. For additional information, visit Array's web site at www.arraybiopharma.com.

Copies of the prospectus relating to the offering may be obtained from Lehman Brothers Inc., 3 World Financial Center, New York, New York 10285, 212-526-7000; Deutsche Banc Alex. Brown, One South Street, Baltimore, Maryland 21202, 410-727-1700; Legg Mason Wood Walker, Incorporated, 100 Light Street, Baltimore, Maryland 21202, 410-539-0000.

This press release shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. SOURCE Array BioPharma, Inc.

CONTACT: Joanna K. Money, Ph.D., Director, Business Development of Array BioPharma, 303-381-6676, jmoney@arraybiopharma.com/