Pharma giant Pfizer will acquire Hospira, a leading provider of injectable drugs and infusion technologies, for about $15 billion, the two companies said Thursday.
The deal gives Pfizer (PFE) access to Hospira’s biosimilars business. Biosimilars are generic copies of biotech drugs.
Pfizer, which has a market valuation of about $180 billion, last year failed in its $118 billion bid to buy British drug rival AstraZeneca, and has since indicated that it is open to potential new deals. The drugmaker is seeking new sources of growth as its key drugs lose their patent protections.
Pfizer’s offer of $90 per share represents a premium of 39 percent to Hospira (HSP) stock’s close on Wednesday. The total enterprise value of the deal is about $17 billion, the companies said.
“Hospira’s business aligns well with our new commercial structure and is an excellent strategic fit for our Global Established Pharmaceutical business, which will benefit from a significantly enhanced product portfolio in growing markets,” said Ian Read, Pfizer’s chairman and CEO, in a statement.
—Reuters contributed to this report.