US PHARMACEUTICAL Corporation Pfizer has announced a deal to purchase California-based Anacor Pharmaceuticals for US$4.5bn, plus Anacor’s debt, to total US$5.2bn.
Anacor currently has no drugs on the market. Its prime asset is the eczema treatment cream Crisaborole, a non-steroidal inhibitor with anti-inflammatory properties, which is currently under review by the US Food and Drug Administration (FDA).
If approved, Pfizer says the drug can provide a treatment for mild-to-moderate eczema for adults and children. It says the drug can generate up to US$2bn in revenue.
Anacor also holds the rights to Kerydin, a treatment for toenail fungus that is distributed by Sandoz in the US.
Whilst skin treatment is not a priority for Pfizer, the company said that Anacor’s drugs would complement its existing array of inflammation and immunology products. Pfizer executives have said the deal would boost Pfizer’s portfolio of patent-protected drugs.
Albert Bourla, group president at Pfizer, said: “We believe the acquisition of Anacor represents an attractive opportunity to address a significant unmet medical need for a large patient population with mild-to-moderate atopic dermatitis, which currently has few safe topical treatments available.”
Pfizer expects the merger to be complete by Q3 and anticipates the FDA review to be complete by January 2017. If approved, Pfizer says it could start earning revenue from the drug by 2018.
Pfizer has been looking to make a deal with US-based companies after the US Treasury changed its tax laws to block a US$160bn deal for Irish pharmaceutical firm Allegan, which would have seen Pfizer move its headquarters to avoid the US’ higher rate of tax.
Catch up on the latest news, views and jobs from The Chemical Engineer. Below are the four latest issues. View a wider selection of the archive from within the Magazine section of this site.