Pfizer and Anacor Pharmaceuticals entered into a definitive merger agreement in which Pfizer will acquire Anacor for nearly $5.2 billion.
Here are six key points:
1. The $5.2 billion deal equates to $99.25 per Anacor share.
2. Both companies' board of directors unanimously approved the acquisition.
3. Currently, the FDA is reviewing Anacor's crisaborole, a differentiated non-steroidal topical PDE4 inhibitor with anti-inflammatory properties, to treat mild-to-moderate atopic dermatitis.
4. Pfizer plans to finance to caution through existing cash and does not project the transaction to influence its current 2016 guidance.
5. Per the agreement, a Pfizer subsidiary will head a cash tender offer to purchase all of Anacor common stock's outstanding shares $99.25 per share in cash. The tender offer's closing is subject to customary closing condition. If any Anacor shares are not tendered into the offer, the agreement examines whether Pfizer will acquire those shares in a second-step merger.
6. Pfizer projects to complete the acquisition in the third quarter of 2016.
"Anacor will be a strong fit with Pfizer's innovative business, further supporting our strategic focus on Inflammation and Immunology, and is expected to enhance near-term revenue growth for the innovative business," said Albert Bourla, group president of Pfizer's global innovative pharma and global vaccines, oncology and consumer healthcare businesses. "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."
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