European Commission Approves Acquisition Of Hospira By Pfizer

(RTTNews) - Pfizer Inc. (PFE) announced that the European Commission has approved the company's pending acquisition of Hospira Inc. (HSP). The approval is conditional on Pfizer divesting certain sterile injectable drugs, as well as its infliximab biosimilar drug, which is currently under development.

In early February, Pfizer agreed to acquire Hospira for $15.23 billion in cash to improve the growth trajectory of its global established pharmaceutical business.

"We continue to work cooperatively with the regulatory agencies to obtain the requisite approvals, and continue to expect the transaction to close in the second half of 2015," Ian Read, chairman and chief executive officer, Pfizer said today.

Completion of the transaction remains subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, governmental and regulatory approvals in certain other jurisdictions and other usual and customary closing conditions.