Pfizer to Buy Anacor for $4.5 Billion

Pfizer to Buy Anacor for $4.5 Billion

Pfizer Inc. said Monday it would buy Anacor Pharmaceuticals Inc. in an all-cash deal worth about $4.5 billion, as it turns to smaller deals after walking away from its scuttled acquisition of Allergan PLC.

Pfizer PFE, +0.57%  will acquire drugmaker Anacor ANAC, +57.22%  for $99.25 a share, a 55% premium to Friday’s closing price. The companies said the deal, including debt, is valued at $5.2 billion.

On Monday, the companies said Palo Alto-based Anacor will be a “strong fit” with New York-based Pfizer’s inflammation and immunology portfolio. Anacor has no products on the market, but its flagship asset, crisaborole, is currently under review by the U.S. Food and Drug Administration for the treatment of eczema.

Pfizer said the transaction, which is expected to close in the third quarter, will not impact its guidance for the year.

Published: May 16, 2016

Source: http://www.marketwatch.com/

May 16, 2016 / Pharma News