Pfizer, Anacor enter into merger agreement
Crisaborole, Anacor’s flagship asset, is a differentiated non-steroidal topical PDE4 inhibitor for treating atopic dermatitis currently under US FDA review for a New Drug Approval.
The Prescription Drug User Fee Act (PDUFA) goal date for the FDA’s completed review is January 7, 2017. Pfizer said, if approved, the company believes peak year sales for the drug have the potential to reach or exceed $2bn.
"Crisaborole is a differentiated asset with compelling clinical data that, if approved, has the potential to be an important first-line treatment option for these patients and the physicians who treat them," said Albert Bourla, Group President of Pfizer's Global Innovative Pharma and Global Vaccines, Oncology and Consumer Healthcare Businesses.
According to the company, Crisaborole achieved “significantly significant results” on all primary and secondary endpoints in both of its Phase III pivotal studies.
"Anacor will be a strong fit with Pfizer's innovative business, further supporting our strategic focus on inflammation and immunology, and is expected to enhance near-term revenue growth for the innovative business," said Bourla.
Per the agreement, a subsidiary of Pfizer will purchase all outstanding shares of Anacor common stock for $99.25 per share in cash. Pfizer expects acquisition to be completed in the third-quarter 2016. Additionally, it does not expect the transaction to impact its current 2016 finical guidance.
"Today marks the beginning of an exciting new chapter for Anacor, which we believe will deliver significant value to our shareholders," said Paul L. Berns, Anacor's Chairman and CEO.