Pfizer acquires Hospira for projected $17bn
US pharmaceutical company Pfizer has agreed to buy drug company Hospira, in an acquisition that will include its biosimilar portfolio.
Pfizer announced yesterday (February 5) that it will purchase shares in Hospira for $90 each. In total, Pfizer expects the deal to be worth $17 billion.
As part of the deal, Pfizer will boost its global established pharmaceutical (GEP) unit with Hospira’s biosimilar portfolio. Pfizer said it believes the deal will “build a broad portfolio of biosimilars in its therapeutic areas of strength”.
Pfizer will have permission to commercially exploit Hospira’s Inflectra (infliximab) product, a biosimilar version of Remicade (infliximab), an anti-inflammatory rheumatoid arthritis and Crohn’s disease treatment.
That drug, initially developed by Janssen Biotech, was the first monoclonal antibody to be approved for sale in the EU, in 2013.
Another drug in Hospira’s biosimilar portfolio is Retacrit (epoetin alfa), which is used to treat patients with low red-blood cell counts. Retacrit is a biosimilar version of Epogen (epoetin alfa), developed by Amgen.
Pfizer estimates that the global biosimilar market will be worth $20 billion by 2020.
Ian Read, chief executive of Pfizer, said the acquisition of Hospira had the potential to “fundamentally improve the growth trajectory” of its GEP business.
Michael Ball, chief executive of Hospira, added: “The Pfizer-Hospira combination is an excellent strategic fit, presenting a unique opportunity to leverage the complementary strengths of our robust portfolios and rich pipelines.”
