The transaction terms provided each outstanding share of Anacor to be converted into the right to get $99.25 net in cash without any interest but subject to required withholding of taxes.
Pfizer gained access to Anacor’s non-steroidal topical gel, crisaborole, which is currently under review by the US Food and Drug Administration to treat mild-to-moderate atopic dermatitis, commonly referred to as eczema.
Pfizer believes that if approved, crisaborole’s annual sales could reach $2bn.
Anacor also has rights to Kerydin, a topical treatment for onychomycosis that is distributed in the US by Novartis’ Sandoz business.
Apart from crisaborole and Kerydin, Anacorb discovered three investigational compounds that have been out-licensed for additional development.
Pfizer Innovative Health group president Albert Bourla said: "We believe that Pfizer is in a position to quickly capitalize on the benefits offered by the combination with Anacor, including the potential for a near-term U.S. product launch and subsequent commercialization of crisaborole, a differentiated asset with compelling clinical data.
"If approved, crisaborole has the potential to be an important first-line treatment option for patients with mild-to-moderate atopic dermatitis and the physicians who treat them."
Pfizer said it does not anticipate the transaction to affect its current 2016 financial guidance. The company still expects it to be dilutive to earnings per share in 2017, with accretion starting in 2018 and increasing in the following years.
Image: Pfizer World Headquarters in New York City. Photo: courtesy of Norbert Nagel, Mörfelden-Walldorf, Germany.