Pfizer to Buy Anacor for $4.5 Billion
May 16 2016 - 7:50AM
Dow Jones News
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 will acquire drugmaker Anacor 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.
Last month, Pfizer and Allergan terminated their planned $150
billion merger after the Obama administration took aim at the deal
that would have moved the biggest drug company in the U.S. to
Ireland to lower its taxes. Since then, Pfizer has been looking for
deals of its own.
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.
Anacor shares, which have slipped 43% this year, added 54%
premarket to $98.70. Pfizer shares were inactive.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
May 16, 2016 07:35 ET (11:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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