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Pfizer has green light from EU for $15 billion Hospira acquisition

Staff writer |
U.S. drugmaker Pfizer (PFE.N) gained European Union antitrust approval for its proposed $15 billion acquisition of Hospira after pledging to sell some drugs to solve competition concerns.

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"The approval is conditional on Pfizer divesting certain sterile injectable drugs, as well as its infliximab biosimilar drug, which is currently under development," the European Commission said.

The deal, the biggest ever for Pfizer, will boost its portfolio of generic injectable drugs and copies of biotech medicines.

Pfizer announced in February that it will acquire Hospira for $90 a share in cash for a total enterprise value of approximately $17 billion. The boards of both companies have unanimously approved the merger, which is expected to be immediately accretive upon closing.

Hospira shareholders voted in May in favor of the proposal to adopt the merger agreement.

Last month Pfizer offered concessions in a bid to win European Union regulatory approval.

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