Express Pharma

Pfizer signs definitive merger agreement with Anacor Pharmaceuticals

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To acquire Anacor Pharmaceuticals for $5.2 billion

Pfizer and Anacor Pharmaceuticals have entered into a definitive merger agreement under which Pfizer will acquire Anacor for $99.25 per Anacor share, in cash, for a total transaction value, net of cash, of approximately $5.2 billion.

The Boards of Directors of both companies have unanimously approved the transaction, which also assumes the conversion of Anacors outstanding convertible notes, it added.

Anacors flagship asset, crisaborole, is currently under review by the US FDA for the treatment of mild-to-moderate atopic dermatitis, commonly referred to as eczema.

Albert Bourla, Group President of Pfizer Global Innovative Pharma and Global Vaccines, Oncology and Consumer Healthcare Businesses 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.”

Crisaborole is a differentiated asset with compelling clinical data that, if approved, has the potential to be an important first-line treatment option for these patients and the physicians who treat them, Bourla added.

Paul L Berns, Chairman and Chief Executive Officer, Anacor Pharmaceuticals  said the deal will deliver significant value to the companys shareholders.

Pfizer said it anticipates to finance the transaction through existing cash and it does not expect the transaction to impact its current 2016 financial guidance.

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