Pfizer Inc. (NYSE: PFE) agreed to buy Anacor Pharmaceuticals Inc. (Nasdaq: ANAC) for $5.2 billion, gaining control of an experimental treatment for the skin condition known as eczema in its first deal since walking away from a $160 billion takeover of Allergan Plc.

Pfizer will pay $99.25 in cash for each Anacor share, the companies said in a statement on Monday. The transaction, which represents about a 55 percent premium on Friday’s closing price, is scheduled to be completed in the third quarter, and may start adding to Pfizer’s earnings in 2018.

Chief Executive Officer Ian Read said this month that Pfizer was looking to acquire products that are close to hitting the market, while considering a split of the business in the wake of its failed attempt to buy Allergan. Anacor’s crisaborole drug, which the U.S. Federal and Drug Administration is scheduled to make a decision on by Jan. 7 for the treatment of mild-to-moderate eczema, could have peak annual sales of $2 billion, Pfizer projected, helping bolster its inflammation and immunology group .

About 18 to 25 million people in the U.S. suffer from eczema, whose main symptom is a chronic rash that can last two weeks or more. Anacor also holds the rights to Kerydin, a treatment for toenail fungus that is commercialized by Novartis AG’s Sandoz in the U.S. and competes with Valeant Pharmaceuticals International Inc.’s Jublia.

Shares of Pfizer fell 0.8 percent to $32.91 in New York before the markets opened, while Anacor jumped 54 percent to $98.41. Anacor had dropped 58 percent since its August 2015 peak of $152.25 through Friday.

Pfizer has said it will decide by the end of the year whether to split the company, which could offer tax benefits, and could have the transaction done by the end of 2017. The drugmaker dropped its mega-merger with Allergan in Aprilafter the U.S. Treasury announced rules that would have reduced the tax benefits of that deal. The Treasury department’s new rules on tax-inversion deals are expected to hamper cross-border M&A in the middle market.

Pfizer’s financial advisers were Centerview Partners and Guggenheim Securities. Citigroup Inc. served as Anacor’s financial adviser.

In other recent pharmaceutical deals: Bristol-Myers Squibb Company (NYSE:BMY) will acquire Padlock Therapeutics; Gilead Sciences Inc. (Nasdaq: GILD) has agreed to buy Nimbus Apollo Inc.; Mylan NV (Nasdaq: MYL) said it will buy Renaissance Acquisition Holdings LLC’s non-strerile topicals business.

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