Pfizer buys biologic company Hospira

American multinational pharmaceutical company Pfizer announced Feb. 5 that it has continued to expand its portfolio and has acquired Hospira for approximately $15 billion.

Once the acquisition is approved, the move would see Pfizer increasing its generic injectable drug market share, and gaining acquisition to various biotech medicines.

Pfizer, the company currently manufacturing, Advil, Lipitor, Viagara, and Xanax, has faced extensive competition in recent years.

Annually, the company continues to lose a portion of its pharmaceutical revenue to generic medical drug companies.

The move by Pfizer comes as no surprise considering last year the company attempted to purchase AstraZeneca Plc.

When acquiring Hospira, Pfizer offered $90 per share in cash. The offering was a 39 per cent premium to Hospira’s closing stock price on Feb. 4.

Photo courtesy of Wikipedia

About News Desk 796 Articles
The Oakville Sun News Desk is responsible for the editorial content you see published on this site. The content is the work of Sheridan journalism students as they learn their skills and prepare for working in the field.