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.

US drugmaker Pfizer has forecast 2016 revenue and earnings below analysts’ estimates, largely because of the strong dollar.

WYETH’S first-quarter earnings rose 44% as sales of its vaccine against childhood infections more than doubled and sales of arthritis treatment Enbrel and other prescription drugs rose.