Pfizer has agreed to buy Anacor Pharmaceuticals for $5.2bn (€4.6bn), gaining control of an experimental treatment for eczema in its first deal since walking away from a $160bn takeover of botox maker Allergan.

Pfizer has reported first-quarter profit fell 19% after revenue from cholesterol pill Lipitor declined because of generic competition.

Pfizer has reported earnings that beat analysts’ estimates as the company’s non-pharmaceutical units and cost-cutting overcame losses from generic competition to its best-seller Lipitor.