NEW YORK, May 16 (UPI) -- Pfizer Inc. said Monday it has agreed to buy Anacor Pharmaceuticals in a deal worth $5.2 billion, including debt.
The drugmaker will pay $4.5 billion in cash for the maker of experimental treatment for the skin condition eczema. Pfizer will purchase each share of Anacor stock for $99.25, which is about a 55 percent premium from Friday's closing price.
The transaction is scheduled to be completed in the third quarter.
The deal comes one month after Pfizer and Allergan terminated their planned $150 billion merger after the U.S. government attempted to close a tax loophole known as corporate inversions.
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 crisaborole, is currently under review by the U.S. Food and Drug Administration for the treatment of eczema.
Anacor also holds the rights to Kerydin, a topical treatment for toenail fungus distributed in the U.S. by Sandoz Inc.
Chief Executive Officer Ian Read said this month that Pfizer was looking to acquire products that show value while considering a split of the business in the wake of its failed attempt to buy Allergan.
On Friday, Pfizer changed its policy to block the use of its drugs in U.S. executions, by updating controls to its drug-distribution channels. The company's move will make it even more difficult for states to find drugs to carry out death sentences.
