Pfizer says Hospira pur­chase will close in early Septem­ber

The China Post - - BUSINESS INDEX & -

Drug­maker Pfizer says it’s re­ceived the fi­nal reg­u­la­tory ap­provals for its US$15.23 bil­lion pur­chase of the in­jectable drug and in­fu­sion de­vice maker Hospira, and says the deal will close in early Septem­ber.

The New York com­pany said Mon­day reg­u­la­tors in the U.S. and Brazil cleared the deal. Euro­pean Union reg­u­la­tors ap­proved it ear­lier this month, as did an­titrust agen­cies in Canada and Aus­tralia.

Pfizer said the Fed­eral Trade Com­mis- sion or­dered it to sell four drugs in or­der to pre­serve com­pe­ti­tion. The prod­ucts are a chemo­ther­apy drug, an an­tibac­te­rial drug, an an­ti­fun­gal drug, and a drug used to pre­vent liver dam­age af­ter ac­etaminophen over­doses.

Pfizer Inc., the world’s sec­ond-largest drug com­pany in terms of rev­enue, makes drugs in­clud­ing the pain and arthri­tis treat­ment Cele­brex, Prevnar pneu­mo­coc­cal vac­cines, and fi­bromyal­gia treat­ment Lyrica. It agreed to buy Hospira Inc. in Fe­bru­ary. The deal is in­tended to strengthen Pfizer’s po­si­tion in the grow­ing mar­ket for biosim­i­lars, which are cheaper ver­sions of biologic drugs. Pfizer said it will help ex­pand Hospira’s reach to Europe and key emerg­ing mar­kets, as the com­pany’s prod­ucts are now mostly sold in the U.S.

The deal val­ues Lake For­est, Illi­nois-based Hospira at US$90 per share.

Pfizer’s shares lost US$1.41, or 4.2 per­cent, to close Mon­day at US$32.13 as global mar­kets tum­bled. Hospira’s shares added 34 cents to US$89.85.

Newspapers in English

Newspapers from Taiwan

© PressReader. All rights reserved.