Pfizer has entered into a definitive merger agreement to acquire US-based, biopharmaceutical company Anacor for approximately $5.2bn.

Under the agreement, Pfizer will acquire Anacor with its each share valued at $99.25, with Pfizer paying the total transaction value in cash, assuming the conversion of Anacor’s outstanding convertible notes.

The transaction has been approved by the board of directors of both the companies.

The potential acquisition will allow Pfizer an access to Anacor’s asset, crisaborole, differentiated, non-steroidal, topical PDE4 inhibitor with anti-inflammatory properties, which is currently being reviewed by the US Food and Drug Administration (FDA) to treat mild-to-moderate atopic dermatitis, commonly known as eczema.

"Anacor will be a strong fit with Pfizer’s innovative business … and is expected to enhance near-term revenue growth."

Pfizer global innovative pharma and global vaccines, oncology and consumer healthcare businesses group president Albert Bourla said: "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."

Crisaborole is said to have exhibited statistically significant results in both of its Phase III pivotal studies on all primary and secondary endpoints.

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Following the approval of the FDA, crisaborale’s sale is expected to reach or exceed $2bn subsequently augmenting Pfizer’s sale.

Bourla added: "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.

"Our dedicated inflammation and immunology group has strong existing in-market franchises with Enbrel and Xeljanz, as well as a robust mid-stage pipeline, and this acquisition has the potential to add a near-term US product launch."

The closure of Pfizer’s tender offer is subject to customary closing conditions, including US antitrust clearance and the tender of a majority of the outstanding shares of Anacor common stock.

The acquisition is expected to be completed at the end of this year.

During the transaction, Centerview Partners and Guggenheim Securities served as Pfizer’s financial advisors while Wachtell, Lipton, Rosen & Katz acted as the legal advisor.

Anacor was served by Citi as the financial advisor and Davis Polk & Wardwell served as its legal advisor.