Can Pfizer Acquisition Of Anacore Be Justified?

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PFE: Pfizer logo
PFE
Pfizer

Here Is Why Pfizer Acquired Anacore Pharmaceuticals

  • Pfizer made failed attempts to acquire AstraZeneca and Allergan. The deals were aimed at tax synergies.
  • Changes in US acquisition laws makes such acquisitions difficult.
  • As a result, Pfizer intends to build future shareholder by small acquisitions and collaboration to strengthen its drug portfolio. We could expect large number of deals by the end of year.
  • The company may split growth and legacy business in future.
  • With the motive of strengthening its growth business, Pfizer acquired Anacore Pharmaceuticals @ $99.25 per share for $5.2 B. Pfizer paid a premium of 55% over the existing market price.
  • We believe Pfizer paid a reasonable price.

PFE Acquisition of Anacore

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Notes:

1) The purpose of these analyses is to help readers focus on a few important things. We hope such lean communication sparks thinking, and encourages readers to comment and ask questions on the comment section, or email content@trefis.com
2) Figures mentioned are approximate values to help our readers remember the key concepts more intuitively. For precise figures, please refer to our complete analysis for Pfizer
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