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.

AstraZeneca’s stock has been rising for two weeks on growing expectations the British pharmaceutical firm will re-engage in merger negotiations with Pfizer after the partial expiration of a cooling-off period.

Pfizer has reported quarterly revenue well below Wall Street expectations on falling sales of generic medicines, underscoring its interest in pursuing a $106bn (€76bn) bid for rival AstraZeneca to promote new business growth.