Pfizer to sell products to satisfy Canadian competition rules for Hospira acquisition

US pharma giant Pfizer (NYSE: PFE) said today that it has been granted approval from the Canadian Competition Bureau with respect to its pending $17 billion acquisition of Hospira (NYSE: HSP; The Pharma Letter February 5). As part of its agreement with the Bureau, Pfizer has committed to divest certain assets in Canada.

Under the consent agreement, Pfizer will sell the Canadian assets related to its marketed injectable cytarabine products (used to treat various types of blood cancers), injectable epirubicin products (used to treat a variety of cancerous tumor types) and oral tablet methotrexate products (used to treat certain cancers as well as severe psoriasis and arthritis), as well as Hospira's pipeline injectable voriconazole product (used to treat serious, invasive fungal infections).

Following its review of the proposed transaction, the Competition Bureau concluded that Pfizer's acquisition of Hospira would likely have resulted in a substantial lessening or prevention of competition for the supply of those four pharmaceutical products in Canada. The Bureau is confident that the implementation of this consent agreement will adequately resolve its concerns.