Pfizer to Buy Injectables Giant Hospira

With several of it's blockbusters going off-patent soon, Pfizer is looking at new avenues for expanding it's revenue.

Pfizer has agreed to acquire Hospira, a big maker of injectable drugs, for $15.2 billion. The acquisition is the first major deal for Pfizer since last year’s failed attempt to buy AstraZeneca for more than $100 billion.

Pfizer said on Thursday that it would pay $90 a share for Hospira, which makes infusion technologies and drugs that are injected. Including debt, the deal is valued at about $17 billion.

“The proposed acquisition of Hospira demonstrates our commitment to prudently deploy capital to create shareholder value and deliver incremental revenue and [earnings per share] growth in the near term,” Ian Read, Pfizer’s chief executive, said in a statement.

Link to the news on The New York Times: