Pfizer will buy Anacor Pharmaceuticals in a deal valued at $5.2 billion, net of cash, for access to Anacor's non-steroidal topical gel to treat eczema.
Shares of Anacor soared more than 50 percent in premarket trading immediately following the announcement. (Get the latest quote here.)
Pfizer will pay $99.25 per share for Anacor, a 55 percent premium to the stock's Friday close, the companies said on Monday.
The company expects to close the deal in the third quarter of 2016.
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