Davis Polk advised Anacor Pharmaceuticals, Inc. in connection with its offering of $287.5 million aggregate principal amount of its 2.00% convertible senior notes due 2023 to qualified institutional buyers pursuant to Rule 144A, which included $37.5 million aggregate principal amount of convertible senior notes issued pursuant to the exercise in full of the initial purchasers’ over-allotment option and Anacor’s entry into a related capped call transaction.

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 crisaborole topical ointment, 2% (formerly known as AN2728), a novel non-steroidal topical anti-inflammatory phosphodiesterase-4 (‘‘PDE-4’’) inhibitor in development for the potential treatment of mild-to-moderate atopic dermatitis and psoriasis. Beyond KERYDIN and crisaborole, Anacor has discovered three investigational compounds that it has out-licensed for further development.

The Davis Polk corporate team included partners Michael Kaplan and Sophia Hudson, associates Jeffrey C. Lau, Judy Lai and Eugene Baek. The Davis Polk team advising on the convertible senior notes and the capped call transactions included partner Mark M. Mendez and associates Mark J. DiFiore and Caitlin L. Wood. 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 Northern California offices.

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