Anacor shares increased 55% to $98.96 after the announcement, after dropping 43% this year. Pfizer stock didn’t change much on the news.
Anacor Pharmaceuticals Inc. is a biopharmaceutical company focused on discovering and developing novel small-molecule therapeutics. Crisaborole, its flagship asset, is under review by the U.S. FDA for the treatment of mild-to-moderate atopic dermatitis, also called eczema. Pfizer said in the report that if crisaborole is approved, it has the potential to be a crucial first-line treatment choice for the patients.
The company also said that the acquisition could help Pfizer with its Inflammation and Immunology products, and reinforce the revenue growth for the innovative business. The Inflammation and Immunology group already has a strong in-market franchise and a robust mid-stage pipeline. The acquisition of Anacor is expected to add a near-term U.S. product launch.
The acquisition of Anacor happened just after the termination of planned merger with Allergan PLC (NYSE: AGN) last month. Pfizer and Allergan ended the $150 billion merger deal after government targeted at the deal that would have moved New York-based Pfizer to Ireland to for lower taxes.
The transaction is expected to close in the third quarter. Pfizer said that the transaction will not influence the current guidance of 2016, but it is expected to slightly dilute adjusted earnings in 2017 with accretion to them in the beginning of 2018.