Shares of Anacor Pharmaceuticals spiked more than 57 percent Monday after it agreed to be bought by pharma giant Pfizer.
Anacor shares surged 57 percent to $100.67 Monday, above the offer price of $99.25 per share in cash. The net-of-cash deal value assumes conversion of Anacor's outstanding convertible notes, the companies said in a statement.
The deal dragged the healthcare sector higher, as a fund that tracks the industry saw its best day since May 9. Pfizer shares rose more than half a percent.