content: <html>
  
  <head>
  
  
  
  
  
  </head>
  
  <body lang="EN-US">
  
  <div>
  
  <div style="border:none;border-top:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
  D.C. 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Form&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT TO SECTION&nbsp;13 OR 15(d)<br>
  OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Commission
  File Number: 000-31979</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Date
  of Report: May&nbsp;5, 2008</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">ARRAY BIOPHARMA INC.</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its
  charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DELAWARE</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">84-1460811</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State of other
    jurisdiction of incorporation or organization)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
    Identification No.)</font></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3200 WALNUT STREET, BOULDER, COLORADO 80301</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
    principal executive offices)</font></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(303) 381-6600</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s
    telephone number, including area code)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended
  to simultaneously satisfy the filing obligation of the registrant under any of
  the following provisions (<i>see </i>General
  Instruction A.2. below):</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.7%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Written
    communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
    230.425)</font></p>
    </td>
   </tr>
   <tr>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.7%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.7%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Soliciting
    material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
    240.14a-12)</font></p>
    </td>
   </tr>
   <tr>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.7%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.7%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Pre-commencement
    communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
    CFR 240.14d-2(b))</font></p>
    </td>
   </tr>
   <tr>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.7%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.7%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Pre-commencement
    communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
    CFR 240.13e-4(c))</font></p>
    </td>
   </tr>
  </table>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\vmanogaran\08-11441-3\task2915619\11441-3-ba.htm',USER='105253',CD='May  6 00:12 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.01. Entry into a
  Material Definitive Agreement.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Facility
  Agreement</font></b>. On April&nbsp;29, 2008, Array BioPharma Inc. (&#147;<u>Array</u>&#148;)
  entered into a Facility Agreement (the &#147;<u>Facility Agreement</u>&#148;) with
  Deerfield Private Design Fund, L.P. and Deerfield Private Design International,
  L.P., healthcare investment funds (collectively, the &#147;<u>Deerfield Funds</u>&#148;),
  pursuant to which the Deerfield Funds have agreed to advance to Array loans
  that are to be drawn down in two tranches of $40,000,000 each in June&nbsp;2008
  and December&nbsp;2008. The outstanding principal and interest under the loan is
  due by April&nbsp;2014, and, at Array&#146;s option, can be repaid at any time with
  shares of Array Common Stock that have been registered under the Securities Act
  of 1933, as amended (the &#147;<u>Securities Act</u>&#148;), with certain restrictions,
  or in cash.&#160; Array will pay interest
  quarterly at a rate of 2.0 percent per annum of the total principal amount of
  the commitment. In addition, Array will pay interest on repayment that accrues
  at 6.5 percent compounded quarterly on the total commitment. All interest under
  the loan begins accruing as of the date of the Facility Agreement and accrues
  thereafter on the outstanding principal amount under the facility. Deerfield
  will receive a 2.5 percent transaction fee paid on a pro rata basis as the
  funds are drawn. The Deerfield Funds also have limited rights to accelerate the
  loan upon certain changes of control of Array or an event of default. Array&#146;s
  obligations under the Facility Agreement, and the security interest granted to
  the Deerfield Funds under the Security Agreement (described below), are
  subordinate to Array&#146;s obligations to Comerica Bank, and to Comerica&#146;s security
  interest, under the Loan and Security Agreement between Array and Comerica Bank
  dated June&nbsp;28, 2005, as amended.</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As provided for under the
  Facility Agreement, Array issued the Deerfield Funds warrants to purchase
  shares of its Common Stock and entered into a Registration Rights Agreement and
  a Security Agreement with the Deerfield Funds, each of which are described
  below.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Warrants</font></b>. Upon
  execution of the Facility Agreement, Array issued the Deerfield Funds warrants
  to purchase an aggregate of 6,000,000 shares of Array&#146;s Common Stock at an
  exercise price of $7.54 per share (the &#147;<u>Warrants</u>&#148;). The Warrants
  are exercisable for a term of six years from the date of issuance and contain
  certain limitations that prevent the holder of the Warrants from acquiring
  shares upon exercise of the Warrant that would result in the number of shares
  beneficially owned by it (including shares held by any &#147;group&#148; of which
  it is a member, but excluding shares beneficially owned by virtue of the
  ownership of securities or rights to acquire securities that have limitations
  on the right to convert, exercise or purchase similar to the limitation set
  forth herein) to exceed 9.98% of the total number of shares of Array&#146;s Common
  Stock then issued and outstanding. For purposes of the Warrants, &#147;group&#148; has
  the meaning set forth in Section&nbsp;13(d)&nbsp;of the Exchange Act of 1934,
  as amended, and applicable regulations (the &#147;<u>Exchange Act</u>&#148;), and the
  percentage held by the holder is determined in a manner consistent with the
  provisions of Section&nbsp;13(d)&nbsp;of the Exchange Act. The number
  of shares for which the Warrants are exercisable and the exercise price are
  subject to certain adjustments as set forth in the Warrants. In addition, upon
  certain changes in control of Array, to the extent the Warrants are not assumed
  by the acquiring entity, or upon certain defaults under the Warrants, the
  holder has the right to redeem the Warrants in shares of Common Stock at a
  redemption price equal to the black-scholes value of the outstanding shares of
  Common Stock issuable under the Warrants.</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Security Agreement. </font></b>Array&#146;s
  obligations under the Facility Agreement are secured by a security interest in
  Array&#146;s assets, other than its intellectual property, pursuant to the terms of
  a Security Agreement between Array and the Deerfield Funds.</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration Rights
  Agreement</font></b>. As provided for under the Facility Agreement,
  Array entered into a Registration Rights Agreement dated April&nbsp;29, 2008
  with the Deerfield Funds, pursuant to which Array has agreed to file a
  registration statement with the SEC on or prior to 30 days from the date the
  Warrants were issued requiring Array to register the resale of the shares of
  the Common Stock subject to issuance upon the exercise of the Warrants under
  the Securities Act.</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing summaries of the Facility
  Agreement, the Warrants, the Security Agreement and the Registration Rights
  Agreement are not complete and are qualified in their entirety by reference to
  these agreements, copies of which are filed as exhibits to this Current Report
  on Form&nbsp;8-K and are incorporated herein by reference.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\vmanogaran\08-11441-3\task2915619\11441-3-ba.htm',USER='105253',CD='May  6 00:12 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item&nbsp;2.03.&nbsp;&nbsp;&nbsp;
  Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance
  Sheet Arrangement.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information in Item&nbsp;1.01 above is
  incorporated by reference into this Item 2.03.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item&nbsp;3.02&nbsp;&nbsp;&nbsp;&nbsp;
  Unregistered Sales of Equity Securities.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information in Item&nbsp;1.01 above is
  incorporated by reference into this Item 3.02. The Warrants to purchase an
  aggregate of 6,000,000 shares of Common Stock were issued to the Deerfield
  Funds in a private transaction exempt from registration in reliance upon Section&nbsp;4(2)&nbsp;of
  the Securities Act, and/or Regulation&nbsp;D of the Securities Act. As part of
  executing the Facility Agreement and receiving the Warrants, each of the
  Deerfield Funds represented to Array that it is an &#147;accredited investor&#148; as
  defined in Regulation&nbsp;D of the Securities Act and that the securities such
  Deerfield Funds purchased were being acquired for investment purposes and
  without a view to resale or distribution in violation of the Securities Act.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item&nbsp;8.01</font></b>&nbsp;&nbsp;&nbsp;<b>Other Events.</b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">On May&nbsp;5, 2008, Array issued a press
  release entitled &#147;</font>Array BioPharma Receives $80 Million Funding
  Commitment</font>,&#148; dated May&nbsp;5, 2008, a copy of which is filed herewith as Exhibit&nbsp;99.1
  and is incorporated herein by reference.</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
  9.01 Financial Statements and Exhibits.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;Exhibits. The
  following exhibits are filed with this report.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.4%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit<br>
    Number</font></b></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.4%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="88%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:88.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Form&nbsp;of Warrant to Purchase Shares of Common Stock
    dated April&nbsp;29, 2008 issued to </font>Deerfield Private Design Fund,
    L.P. and Deerfield Private Design International, L.P.</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Facility Agreement between Array BioPharma Inc. and </font>Deerfield
    Private Design Fund, L.P. and Deerfield Private Design International, L.P.
    dated April&nbsp;29, 2008</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Security Agreement between Array BioPharma Inc. and </font>Deerfield
    Private Design Fund, L.P. and Deerfield Private Design International, L.P.
    dated April&nbsp;29, 2008</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Registration Rights Agreement between Array BioPharma
    Inc. and </font>Deerfield Private Design Fund, L.P. and Deerfield Private
    Design International, L.P. dated April&nbsp;29, 2008</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press release </font>entitled &#147;Array BioPharma Receives
    $80 Million Funding Commitment,&#148; dated May&nbsp;5, 2008</p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>
  
  <p style="margin:0in 0in .0001pt .45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* Confidential
  Treatment of redacted portions has been applied for by the registrant.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\vmanogaran\08-11441-3\task2915619\11441-3-ba.htm',USER='105253',CD='May  6 00:12 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">SIGNATURES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.1pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the
  registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">ARRAY BIOPHARMA INC.</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
    </td>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
    </td>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:.1pt;">Date:</font><font style="letter-spacing:.1pt;">
    May&nbsp;5, 2008</font></font></p>
    </td>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
    </td>
    <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.1pt;">&nbsp;&nbsp;R. Michael Carruthers</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
    </td>
    <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:.1pt;">R. Michael Carruthers,</font><font style="letter-spacing:.1pt;"> Chief Financial Officer</font></font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\vmanogaran\08-11441-3\task2915619\11441-3-ba.htm',USER='105253',CD='May  6 00:12 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
  INDEX</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.4%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit<br>
    Number</font></b></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Form&nbsp;of Warrant to Purchase Shares of Common Stock
    dated April&nbsp;29, 2008 issued to </font>Deerfield Private Design Fund,
    L.P. and Deerfield Private Design International, L.P.</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Facility Agreement between Array BioPharma Inc. and </font>Deerfield
    Private Design Fund, L.P. and Deerfield Private Design International, L.P.
    dated April&nbsp;29, 2008</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Security Agreement between Array BioPharma Inc. and </font>Deerfield
    Private Design Fund, L.P. and Deerfield Private Design International, L.P.
    dated April&nbsp;29, 2008</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Registration Rights Agreement between Array BioPharma
    Inc. and </font>Deerfield Private Design Fund, L.P. and Deerfield Private
    Design International, L.P. dated April&nbsp;29, 2008</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
    <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press release </font>entitled &#147;Array BioPharma Receives
    $80 Million Funding Commitment,&#148; dated May&nbsp;X, 2008</p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>
  
  <p style="margin:0in 0in .0001pt .45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* Confidential
  Treatment of redacted portions has been applied for by the registrant.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\vmanogaran\08-11441-3\task2915619\11441-3-ba.htm',USER='105253',CD='May  6 00:12 2008' -->
  
  
  </body>
  
  </html>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-11441_38k.htm", "description": "8-K", "secsgml_size_bytes": 50668}]
metadata_filer: {"company-data": {"conformed-name": "ARRAY BIOPHARMA INC", "cik": "0001100412", "assigned-sic": "2834", "irs-number": "841460811", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-16633", "film-number": "08803078"}, "business-address": {"street1": "3200 WALNUT STREET", "city": "BOULDER", "state": "CO", "zip": "80301", "phone": "3033816600"}, "mail-address": {"street1": "3200 WALNUT STREET", "city": "BOULDER", "state": "CO", "zip": "80301"}}
text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington,
  D.C. 20549
  Form 8-K
  PURSUANT TO SECTION 13 OR 15(d)
  OF THE SECURITIES EXCHANGE ACT OF 1934
  Commission
  File Number: 000-31979
  Date
  of Report: May 5, 2008
  ARRAY BIOPHARMA INC.
  (Exact name of registrant as specified in its
  charter)
  DELAWARE
  84-1460811
  (State of other
    jurisdiction of incorporation or organization)
  (I.R.S. Employer
    Identification No.)
  3200 WALNUT STREET, BOULDER, COLORADO 80301
  (Address of
    principal executive offices)
  (303) 381-6600
  (Registrant's
    telephone number, including area code)
  Check the appropriate box below if the Form 8-K filing is intended
  to simultaneously satisfy the filing obligation of the registrant under any of
  the following provisions (
  see
  General
  Instruction A.2. below):
  o
  Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)
  o
  Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
    240.14a-12)
  o
  Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17
    CFR 240.14d-2(b))
  o
  Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17
    CFR 240.13e-4(c))
  Item 1.01. Entry into a
  Material Definitive Agreement.
  Facility
  Agreement
  . On April 29, 2008, Array BioPharma Inc. ("
  Array
  ")
  entered into a Facility Agreement (the "
  Facility Agreement
  ") with
  Deerfield Private Design Fund, L.P. and Deerfield Private Design International,
  L.P., healthcare investment funds (collectively, the "
  Deerfield Funds
  "),
  pursuant to which the Deerfield Funds have agreed to advance to Array loans
  that are to be drawn down in two tranches of $40,000,000 each in June 2008
  and December 2008. The outstanding principal and interest under the loan is
  due by April 2014, and, at Array's option, can be repaid at any time with
  shares of Array Common Stock that have been registered under the Securities Act
  of 1933, as amended (the "
  Securities Act
  "), with certain restrictions,
  or in cash.  Array will pay interest
  quarterly at a rate of 2.0 percent per annum of the total principal amount of
  the commitment. In addition, Array will pay interest on repayment that accrues
  at 6.5 percent compounded quarterly on the total commitment. All interest under
  the loan begins accruing as of the date of the Facility Agreement and accrues
  thereafter on the outstanding principal amount under the facility. Deerfield
  will receive a 2.5 percent transaction fee paid on a pro rata basis as the
  funds are drawn. The Deerfield Funds also have limited rights to accelerate the
  loan upon certain changes of control of Array or an event of default. Array's
  obligations under the Facility Agreement, and the security interest granted to
  the Deerfield Funds under the Security Agreement (described below), are
  subordinate to Array's obligations to Comerica Bank, and to Comerica's security
  interest, under the Loan and Security Agreement between Array and Comerica Bank
  dated June 28, 2005, as amended.
  As provided for under the
  Facility Agreement, Array issued the Deerfield Funds warrants to purchase
  shares of its Common Stock and entered into a Registration Rights Agreement and
  a Security Agreement with the Deerfield Funds, each of which are described
  below.
  Warrants
  . Upon
  execution of the Facility Agreement, Array issued the Deerfield Funds warrants
  to purchase an aggregate of 6,000,000 shares of Array's Common Stock at an
  exercise price of $7.54 per share (the "
  Warrants
  "). The Warrants
  are exercisable for a term of six years from the date of issuance and contain
  certain limitations that prevent the holder of the Warrants from acquiring
  shares upon exercise of the Warrant that would result in the number of shares
  beneficially owned by it (including shares held by any "group" of which
  it is a member, but excluding shares beneficially owned by virtue of the
  ownership of securities or rights to acquire securities that have limitations
  on the right to convert, exercise or purchase similar to the limitation set
  forth herein) to exceed 9.98% of the total number of shares of Array's Common
  Stock then issued and outstanding. For purposes of the Warrants, "group" has
  the meaning set forth in Section 13(d) of the Exchange Act of 1934,
  as amended, and applicable regulations (the "
  Exchange Act
  "), and the
  percentage held by the holder is determined in a manner consistent with the
  provisions of Section 13(d) of the Exchange Act. The number
  of shares for which the Warrants are exercisable and the exercise price are
  subject to certain adjustments as set forth in the Warrants. In addition, upon
  certain changes in control of Array, to the extent the Warrants are not assumed
  by the acquiring entity, or upon certain defaults under the Warrants, the
  holder has the right to redeem the Warrants in shares of Common Stock at a
  redemption price equal to the black-scholes value of the outstanding shares of
  Common Stock issuable under the Warrants.
  Security Agreement.
  Array's
  obligations under the Facility Agreement are secured by a security interest in
  Array's assets, other than its intellectual property, pursuant to the terms of
  a Security Agreement between Array and the Deerfield Funds.
  Registration Rights
  Agreement
  . As provided for under the Facility Agreement,
  Array entered into a Registration Rights Agreement dated April 29, 2008
  with the Deerfield Funds, pursuant to which Array has agreed to file a
  registration statement with the SEC on or prior to 30 days from the date the
  Warrants were issued requiring Array to register the resale of the shares of
  the Common Stock subject to issuance upon the exercise of the Warrants under
  the Securities Act.
  The foregoing summaries of the Facility
  Agreement, the Warrants, the Security Agreement and the Registration Rights
  Agreement are not complete and are qualified in their entirety by reference to
  these agreements, copies of which are filed as exhibits to this Current Report
  on Form 8-K and are incorporated herein by reference.
  2
  Item 2.03.   
  Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance
  Sheet Arrangement.
  The information in Item 1.01 above is
  incorporated by reference into this Item 2.03.
  Item 3.02    
  Unregistered Sales of Equity Securities.
  The information in Item 1.01 above is
  incorporated by reference into this Item 3.02. The Warrants to purchase an
  aggregate of 6,000,000 shares of Common Stock were issued to the Deerfield
  Funds in a private transaction exempt from registration in reliance upon Section 4(2) of
  the Securities Act, and/or Regulation D of the Securities Act. As part of
  executing the Facility Agreement and receiving the Warrants, each of the
  Deerfield Funds represented to Array that it is an "accredited investor" as
  defined in Regulation D of the Securities Act and that the securities such
  Deerfield Funds purchased were being acquired for investment purposes and
  without a view to resale or distribution in violation of the Securities Act.
  Item 8.01
  Other Events.
  On May 5, 2008, Array issued a press
  release entitled "
  Array BioPharma Receives $80 Million Funding
  Commitment
  ," dated May 5, 2008, a copy of which is filed herewith as Exhibit 99.1
  and is incorporated herein by reference.
  Item
  9.01 Financial Statements and Exhibits.
  (d) Exhibits. The
  following exhibits are filed with this report.
  Exhibit
  Number
  Description
  4.1
  *
  Form of Warrant to Purchase Shares of Common Stock
    dated April 29, 2008 issued to
  Deerfield Private Design Fund,
    L.P. and Deerfield Private Design International, L.P.
  10.1
  *
  Facility Agreement between Array BioPharma Inc. and
  Deerfield
    Private Design Fund, L.P. and Deerfield Private Design International, L.P.
    dated April 29, 2008
  10.2
  Security Agreement between Array BioPharma Inc. and
  Deerfield
    Private Design Fund, L.P. and Deerfield Private Design International, L.P.
    dated April 29, 2008
  10.3
  Registration Rights Agreement between Array BioPharma
    Inc. and
  Deerfield Private Design Fund, L.P. and Deerfield Private
    Design International, L.P. dated April 29, 2008
  99.1
  Press release
  entitled "Array BioPharma Receives
    $80 Million Funding Commitment," dated May 5, 2008
  * Confidential
  Treatment of redacted portions has been applied for by the registrant.
  3
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.
  ARRAY BIOPHARMA INC.
  Date:
  May 5, 2008
  R. Michael Carruthers
  R. Michael Carruthers,
  Chief Financial Officer
  4
  EXHIBIT
  INDEX
  Exhibit
  Number
  Description
  4.1
  *
  Form of Warrant to Purchase Shares of Common Stock
    dated April 29, 2008 issued to
  Deerfield Private Design Fund,
    L.P. and Deerfield Private Design International, L.P.
  10.1
  *
  Facility Agreement between Array BioPharma Inc. and
  Deerfield
    Private Design Fund, L.P. and Deerfield Private Design International, L.P.
    dated April 29, 2008
  10.2
  Security Agreement between Array BioPharma Inc. and
  Deerfield
    Private Design Fund, L.P. and Deerfield Private Design International, L.P.
    dated April 29, 2008
  10.3
  Registration Rights Agreement between Array BioPharma
    Inc. and
  Deerfield Private Design Fund, L.P. and Deerfield Private
    Design International, L.P. dated April 29, 2008
  99.1
  Press release
  entitled "Array BioPharma Receives
    $80 Million Funding Commitment," dated May X, 2008
  * Confidential
  Treatment of redacted portions has been applied for by the registrant.
  5