Within hours after Pfizer (NYSE: PFE) and Allergan plc (NYSE: AGN) called off their $160 billion merger on April 26, 2016, Allergan announced a new acquisition. It’s taken a few weeks, but Pfizer is finally moving on. Anacor Pharmaceuticals, Inc. (NASDAQ: ANAC) is the target, based in Palo Alto, California.
Anacor Pharmaceuticals focuses on discovering, developing and commercializing novel small-molecule therapeutics derived from its boron chemistry platform. Its flagship asset is crisaborole, a differentiated non-steroidal toipcal PDE4 inhibitor with anti-inflammatory properties. Its currently under review by the FDA for the treatment of mild-to-moderate atopic dermatitis, also known as eczema. In both of crisabole’s Phase 3 pivotal studies, the candidate achieved statistically significant results on all primary and secondary endpoints.
Pfizer will pay $99.25 per Anacor share in cash for a total transaction value, net of cash, of approximately $5.2 billion, which assumes the conversion of Anacor’s outstanding convertible notes.
