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Anacor shares rose nearly 54 percent to $98.50 in premarket
trading on Monday, just below the offer price of $99.25 per
share in cash.
The non-steroidal topical gel, crisaborole, is currently under
review by the U.S. Food and Drug Administration for the
treatment of mild to moderate eczema.
The equity value of the deal is $4.45 billion, based on 44.87
million Anacor's outstanding fully diluted shares as of March
31, according to Thomson Reuters data.
Pfizer's current inflammation and immunology drugs portfolio
includes Enbrel and Xeljanz, which target auto-immune diseases.
There have been no new molecules approved for eczema, or atopic
dermatitis - a common, relapsing, inflammatory skin disorder
that affects about 18-25 million people in the United States -
in the last 15 years.
Pfizer believes crisaborole has the potential to reach or exceed
peak sales of $2 billion, the company said in a joint statement
on Monday.
Anacor also holds the rights to Kerydin, a topical treatment for
toenail fungus marketed in the United States by Novartis AG's
Sandoz unit.
Centerview Partners and Guggenheim Securities were Pfizer's
financial advisers and Citi advised Anacor.
Wachtel Lipton Rosen & Katz is Pfizer's legal adviser for the
deal and Davis Polk & Wardwell LLP advised Anacor.
(Reporting by Amrutha Penumudi in Bengaluru; Editing by Kirti
Pandey)
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