Davis Polk advised Anacor Pharmaceuticals, Inc. in connection with its offering of $82.5 million aggregate principal amount of its 2% convertible senior notes due 2021 to qualified institutional buyers pursuant to Rule 144A, which included $7.5 million aggregate principal amount of convertible senior notes issued pursuant to the exercise in full of the initial purchasers’ over-allotment option. In addition, Davis Polk also advised Anacor in connection with its concurrent private placement of $8 million aggregate principal amount of its 2% convertible senior notes due 2021 to certain funds affiliated with Venrock Associates, an affiliate of Anacor.
Goldman, Sachs & Co. was the sole book-running manager for the offering. Jefferies LLC was the lead manager and Cowen and Company, LLC and Wedbush Securities Inc. were the co-managers for the offering.
Headquartered in Palo Alto, California, Anacor Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing and commercializing novel small-molecule therapeutics derived from its boron chemistry platform. Anacor commercialized its first approved drug, KERYDIN (tavaborole) topical solution, 5%, an oxaborole antifungal approved by the U.S. Food and Drug Administration in July 2014 for the topical treatment of onychomycosis of the toenails. Anacor’s lead product candidate is AN2728, an investigational anti-inflammatory PDE-4 inhibitor in development for the potential treatment of mild-to-moderate atopic dermatitis and psoriasis. Beyond KERYDIN and AN2728, Anacor has discovered, synthesized and is developing six molecules. Anacor also has a pipeline of other internally discovered topical and systemic boron-based compounds in various stages of research and pre-clinical development.
The Davis Polk corporate team included partners Michael Kaplan and Bruce K. Dallas, associates Peter M. Lamb, Danielle Moore Burton and Judy Lai. The Davis Polk team advising on the convertible senior notes included partner Mark M. Mendez and associate Xing Yan. The tax team included partner Rachel D. Kleinberg and associate Isaac MacDonald. Members of the Davis Polk team are based in the New York and Menlo Park offices.
