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Pfizer offers concessions to win approval for $15bn Hospira takeover

Staff writer |
Pfizer offered concessions in a bid to win European Union regulatory approval for its $15 billion takeover of U.S. rival Hospira, the European Commission said.

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The EU competition authority did not provide details of Pfizer's proposal in line with its policy. It extended the deadline for its decision to Aug. 4 from July 20 to examine the concessions.

It can either clear the deal if it considers Pfizer has allayed competition concerns regarding the deal or open a full-scale investigation.

Pfizer is making its biggest ever acquisition aimed at expanding its portfolio of generic injectable drugs and copies of biotech medicines.

Hospira makes generic versions of injectable drugs used in hospitals, pumps to deliver such medicine and also sells biosimilars or copies of biotech drugs.

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