Pfizer Inc. (NYSE:PFE) announced today that it will acquire Anacor (NASDAQ:ANAC) for US$5.2bn
After terminating two mega deals in a row (the failed hostile takeover of AstraZeneca (LON:AZN) and the blocked merger with Allergan (NYSE:AGN)), Pfizer Inc. is back at the acquisition table, this time with a less financially ambitious target, Anacor Pharmaceuticals. The main strategic reason for the purchase is crisaborole, a product developed by Anacor that treats eczema.
Anacor’s stock was up 55% on the news earlier this morning, only a few cents below the offer of US$99.25/share in cash, and did not represent any material arbitrage opportunity as investors bet on a high likeliness of closing.
At the time of writing, Anacor’s share price is interestingly slightly above the offer price, which may indicate that the market is not entirely dismissing a potential higher offer for Anacor by say, Allergan or Novartis (VTX:NVN), as some analysts had guessed. Pfizer Inc.’s share price remained largely unchanged, although up from early trading when shares opened in the red.
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