UPDATE: Pfizer to acquire Hospira for around $17 billion
US pharma giant Pfizer (NYSE: PFE) has entered into a definitive merger agreement to acquire Hospira (NYSE: HSP), news of which sent Hospira’s shares rocketing 35% to $87.59 in pre-market trading today, while Pfizer gained 3.4% to $33.15.
Under the terms of the deal, which has been unanimously approved by the boards of directors of both firms, Pfizer will acquire Hospira, the world’s leading provider of injectable drugs and infusion technologies and a global leader in biosimilars, for $90 a share (a 39% premium to Hospira's Wednesday closing price of $64.80) in cash for a total enterprise value of around $17 billion.
According to Pfizer, the deal is expected to be immediately accretive upon closing, accretive by $0.10 - $0.12 per share for the first full year following the close of the transaction with additional accretion anticipated thereafter.
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