Pfizer Inc. is buying Anacor Pharmaceuticals Inc. in a $5.2 billion deal to add an eczema gel to its portfolio, reports Reuters.
The deal announcement comes roughly a month after Pfizer scrapped plans to acquire Allergan Plc.
According to Bloomberg, the announced price is a 55 percent premium to Anacor's Friday, May 13, stock price. Before the deal announcement ─ $99.25 per share in cash ─ Anacor shares were down 58 percent from more than $150 last summer.
According to analyst reports, the deal suggests Pfizer making a shift in strengthening its drug portfolio ahead of a decision on selling or spinning off its generic medicines business by late 2016.