Under the deal, Pfizer will pay USD 90 a share in cash for a total enterprise value of approximately USD 17 billion.
Pharmaceuticals giant Pfizer Inc will acquire Hospira Inc, a leading provider of injectable drugs, infusion technologies and biosimilars, at a total enterprise value of USD 17 billion.
This is Pfizer's biggest acquisition after its failed USD 117 billion takeover bid for UK-based pharmaceuticals firm AstraZeneca in May last year. The Boards of Directors of Pfizer and Hospira have unanimously approved the merger, Pfizer said in a statement.
Under the deal, Pfizer will pay USD 90 a share in cash for a total enterprise value of approximately USD 17 billion. "The proposed acquisition of Hospira demonstrates our commitment to prudently deploy capital to create shareholder value and deliver incremental revenue and EPS (earnings per share) growth in the near-term," Pfizer Chairman and Chief Executive Officer Ian Read said. Coupled with Pfizer's global reach, Hospira is expected to drive greater sustainability for Pfizer's Global Established Pharmaceutical business over the long term, he added.
Hospira CEO, F Michael Ball said: "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."
Pfizer said it expected to finance the transaction through a combination of existing cash and new debt, with approximately two-thirds of the value financed from cash and one-third from debt. "In addition, Pfizer anticipates the transaction to deliver USD800 million in annual cost savings by 2018," the company added. Subject to customary closing conditions, including regulatory approvals in several jurisdictions and approval of Hospira's shareholders, the deal is expected to close in the second half of 2015, it added.
Pfizer, the maker of blockbuster drugs such as Lipitor and Viagra, said it would have an expanded portfolio of sterile injectable pharmaceuticals, composed of Hospira's broad generic sterile injectables product line and it would create a leading global sterile injectables business. It would also help in building a broad portfolio of biosimilars in Pfizer's therapeutic areas of strength through the addition of Hospira's portfolio that includes several marketed biosimilars.
The company will use its "existing commercial capabilities, global scale, scientific expertise and world class development capabilities to significantly expand the reach of Hospira's products, which are currently distributed primarily in the United States, to Europe and key emerging markets." Both sterile injectables and biosimilars are large and growing categories.
The global marketplace value for generic sterile injectables is estimated to be USD70 billion in 2020. The global marketplace for biosimilars is estimated to be approximately USD 20 billion in 2020, Pfizer said.
Pfizer stock price
On February 05, 2015, Pfizer closed at Rs 1958.55, down Rs 39.15, or 1.96 percent. The 52-week high of the share was Rs 2325.00 and the 52-week low was Rs 1021.60.
The company's trailing 12-month (TTM) EPS was at Rs 30.15 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 64.96. The latest book value of the company is Rs 147.40 per share. At current value, the price-to-book value of the company is 13.29.
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