Usually, when a biotech company loses a Big Pharma development partner, the executives wind up circling the wagons in a vain attempt to defend the value of their drug. But for Boulder, CO-based Array BioPharma ($ARRY) and its backers, Novartis' exit from its late-stage program for the MEK inhibitor binimetinib was a good occasion to throw a party. Novartis ($NVS) is gaining an approved MEK inhibitor--Mekinist--in its big asset swap with GlaxoSmithKline ($GSK). And as a result, the pharma giant is handing back worldwide rights and walking away from a $467 million deal (after paying $60 million of that), gaining an upfront payment of up to $85 million and continued support for three ongoing pivotal studies: COLUMBUS, NEMO and MILO.