Pfizer completes Hospira acquisition
Pfizer announced in February that it will acquire Hospira for $90 a share in cash for a total enterprise value of approximately $17 billion.
In addition, Pfizer expects the transaction will deliver $800 million in annual cost synergies by 2018. Pfizer intends to update its 2015 financial guidance in the coming weeks to incorporate Hospira.
The guidance will reflect the anticipated contribution from Hospira operations from the time of the completion of the Hospira merger to Pfizer's fiscal year end, which is November 30, 2015 for Pfizer’s international fiscal year and December 31, 2015 for Pfizer’s U.S. fiscal year.
Hospira, Inc. is now a subsidiary of Pfizer Inc. The combination of local Pfizer and Hospira entities may be pending in various jurisdictions and integration is subject to completion of various local legal and regulatory steps.
“We are pleased that Hospira, the world’s leading provider of injectable drugs and infusion technologies and a global leader in biosimilars, is now part of Pfizer. We want to welcome our new Hospira colleagues to Pfizer. We are excited to add their talents and proud of the shared commitment of all Pfizer colleagues to serving patients worldwide,” said Ian Read, chairman and chief executive officer, Pfizer.
We believe that through this transaction, we’ve created value for our shareholders by delivering incremental revenue and expected EPS growth in the near-term by strengthening our GEP business and positioning it for future growth.” ■