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Pfizer closes the acquisition of Hospira, adding sterile injectables business to portfolio.
Pfizer announced on Sept. 3, 2015 that it has completed its acquisition of Hospira, Inc., creating a Global Established Pharmaceutical (GEP) business, according to a Pfizer press statement.
The Hospira acquisition provides Pfizer a position in the sterile injectables market, with generic and branded products, as well as a biosimilars business.
“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 in a statement. “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.”
Pfizer reports that it expects the transaction will deliver $800 million in annual cost savings by 2018 and will update its 2015 financial guidance in the coming weeks to incorporate Hospira.
Hospira, Inc. is now a subsidiary of Pfizer and Hospira’s common stock ceased trading on the New York Stock Exchange on Sept. 3. In some jurisdictions, the combination of local Pfizer and Hospira entities may be pending; integration is subject to completion of various local legal and regulatory steps, according to the Pfizer statement.