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Pfizer Beats Allergan to Eczema-drugmaker Anacor for $5.2B

Pfizer (PFE) has agreed to buy Anacor Pharmaceuticals (ANAC) for $5.2 billion to strengthen its inflammation and immunology business, the companies announced Monday.

The all-cash deal values Anacor at $99.25 per share, or a 55% premium to the stock's closing price of $63.04 on Friday. Pfizer is buying the Palo Alto-based company primarily to gain access to Crisaborole, an anti-inflammatory drug currently under U.S. Food and Drug Administration review for the treatment of mild-to-moderate atopic dermatitis, commonly referred to as eczema.

The deal comes after Pfizer and Allergan (AGN) cancelled their proposed $150 billion merger in early April.

"This is a very big market, this atopic dermatitis, [or] eczema," Jim Cramer, founder of TheStreet and manager of the Action Alerts PLUS portfolio, said. "I think people have to recognize that Pfizer seems to have decided that we have to buy someone."

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