After calling off its deal with Allergan earlier this year, New York City-based Pfizer plans to buy Palo Alto, Calif.-based Anacor Pharmaceuticals in a deal worth approximately $4.5 billion, according to The Wall Street Journal.
Including debt, the deal, which is expected to close in the third quarter of this year, is valued around $5.2 billion.
Although Anacor currently doesn't have any products on the market, it has the rights to Kerydin, a treatment for toenail fungus, according to the report. Pfizer believes Kerydin and Anacor's other offerings would balance Pfizer's inflammation and immunology products.