Pfizer bought Anacor Pharmaceuticals for $5,2 billion, or $99,25 per share, in cash. The transaction involves the conversion of convertible bonds of Anacor. The boards of directors of both companies have unanimously approved the transaction.
The American pharmaceutical giant plans to finance through existing cash the acquisition of the biopharmaceutical company focused on the discovery, development and commercialization of new small molecule therapies.
Pfizer does not expect the transaction to have an impact on 2016 accounts but expects it to be slightly dilutive of adjusted earnings per share (eps) in 2017 with EPS growth beginning in 2018 and increasing thereafter.
Under the terms of the agreement, a Pfizer subsidiary will launch a cash offer to purchase all of the outstanding shares of Anacor for $99,25 per share. Closing of the offer is subject to customary conditions, including clearance by the US Antitrust and the offer of a majority of outstanding Anacor shares.
The agreement provides that Pfizer will acquire the Anacor shares that are not offered in a second phase that will be completed immediately after the closing of the public offering. Pfizer expects to complete the acquisition in the third quarter of 2016.
