Pfizer Completes Anacor Acquisition

Pfizer Inc. PFE revealed it completed its acquisition of Anacor Pharmaceuticals, Inc. According to the company, the transaction terms provided each outstanding share of Anacor to be converted into the right to get $99.25 net in cash, i.e. without any interest but subject to required withholding of taxes.

Pfizer said the tender offer to acquire Anacor shares expired on June 23. According to Computershare Trust Company, the depositary and paying agent, it received 39.306 million shares of Anacor as a validly tendered one. The company indicated that all the condition of the offer were satisfied and on June 24, the drug firm and its subsidiary, Quattro Merger Sub Inc., accepted for payment. They would pay to those shares that were validly tendered and not withdrawn.

Pfize Innovative Health Group President, Albert Bourla, said, "Now that Anacor is part of Pfizer, we can accelerate our shared commitment to help patients with inflammatory disease, an area of high unmet medical need. 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."

The drug maker believes the transaction would not impact its current year adjusted financial outlook. The company also continued to see the transaction to be modestly dilutive to Adjusted Earnings Per Share next year with accretion to Adjusted commencing in 2018 and increasing thereafter.