PORTLAND, MAINE — With the U.S. Treasury Department defeating Pfizer Pharmaceuticals plan to take over Allergen PLC., for $160 billion, the maker of Lipitor has responded by purchasing Anacor Pharmaceuticals for a reported $5.2 billion, according to the Portland Press Herald.
Pfizer originally intended to purchase Dublin-based pharmaceutical giant Allergan to reduce its tax bill by “officially” moving its headquarters to Ireland. However, in response to the proposed move, the Treasury changed the “tax-inversion” rules to remove any financial incentive Pfizer had to proceed with the deal.
To continue a push to expedite company growth, Pfizer purchased Anacor to gain new drug resources that could soon see entry into the market. One of the main drugs Pfizer is hoping to get approved is an eczema treatment that would be the first new treatment for the condition in over 15 years.
Estimates place potential sales for the new eczema treatment at nearly $2 billion. However, in the quarter before the takeover Anacor reported revenue of only $17.5 million with $16.1 million in loses.
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