Pfizer Inc. settled a deal to acquire Anacor Pharmaceuticals worth $5.2 billion. As part of the deal, Pfizer will be able to have an access to Anacor’s experimental gel for eczema treatment.
Under the deal, the pharmaceutical manufacturer is obliged to pay $99.25 in cash for each share of Anacor.
It implies a 55% premium over the closing price of Anacor amid Friday’s session. The deal is scheduled to disclose in the third quarter of this year, and is expected of being accretive to Pfizer’s earnings in 2018.
After the acquisition was announced, Anacor stock climbed by over 50% to $98.55, which falls below the offer price as per the new agreement.
Meanwhile, the Food and Drug Administration will hold settlement for the company’s crisaborole drug by January 7, for mild to moderate eczema treatment.
The pharmaceutical company is expecting the drug’s annual sales to settle at $2 billion as a large number of people in the US, ranging between 18-25 million suffer from eczema.
Pfizer’s Global Innovative Pharma and Globa Vaccines, Oncology, and Consumer Healthcare Businesses’ group president, Albert Bourla said, “We believe the acquisition of Anacor represents an attractive opportunity to address a significant unmet medical need for a large patient population with mild-to-moderate atopic dermatitis, which currently has few safe topical treatments available.”
“Anacor will be a strong fit with Pfizer’s innovative business, further supporting our strategic focus on Inflammation and Immunology, and is expected to enhance near-term revenue growth for the innovative business,” he added.
The chairman and CEO of Anacor Paul L. Berns said, “We have a deep respect for Pfizer, and it is clear that they share our commitment to addressing the significant unmet medical needs in inflammatory disease. We are proud of the innovative company that our team has built and are confident that Pfizer will help accelerate Anacor’s important mission given the strength of its global platform and resources.”
Furthermore, Anacor currently holds the rights to Kerydin – a topical treatment for toenail fungus. The drug is marketed in the US by the Sandoz unit of Novartis. Shares of Anacor slips by nearly 43% year to date.
Apparently, the stock was currently witnessed increasing by about 53.83% to change hands at $98.50 amid session.
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