Anacor stock soars after agreeing to be bought by Pfizer for $5.2 billion
Anacor Pharmaceuticals Inc.'s stock rocketed 53% in premarket trade Monday, after the maker of an eczema treatment agreed to be acquired by Pfizer Inc. in a deal valued at $5.2 billion. Under terms of the deal, Pfizer will pay $99.25 a share for each Anacor share outstanding, which represent a 55% premium to Monday's closing price of $64.03 for Anacor's stock. Pfizer expects the deal, which the drug giant anticipates will be completed in the third quarter of 2016, to slightly reduce adjusted earnings per share in 2017, and start adding to adjusted EPS in 2018. Anacor's eczema treatment, crisaborole, has achieved statistically-significant results on late-stage studies with the Food and Drug Administration. "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, president of Pfizer's global innovative pharma and vaccines, oncology and consumer healthcare businesses. Anacor's stock had tumbled 43% year to date through Friday, while Pfizer's stock had gained 2.8% and the S&P 500 was up 0.1%.
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