Pfizer Inc. (PFE) On Track to Close $17 Billion Hospira, Inc. (HSP) Deal
Pfizer Inc. (NYSE:PFE) is on track to close the Hospira, Inc. (NYSE:HSP) acquisition worth $17 billion. A total of 99.4% of shareholders of Hospira gave approval for the deal.
The next step for Pfizer Inc. (NYSE:PFE) is to receive approval from the Federal Trade Commission (FTC). Last week, the FTC sought additional information from the drug maker in respect of the acquisition. The company indicated that it was a routine procedure and expected from the FTC as part of the Hart-Scott-Rodino Antitrust Improvements Act.
Pfizer disclosed that it would cooperate with the FTC in respect of the review. The deal completion depends on the expiration of the waiting period as per the regulations besides other regulatory approvals. Both companies, however, expect to complete the transaction during the later part of the current year.
While announcing the first quarter financial numbers, Hospira, Inc. (NYSE:HSP) disclosed that its results were fueled by continued momentum in its Specialty Injectable Pharmaceuticals business. The results also meant that the year started off well for the company.
The company’s CEO, Michael Ball, said that apart from the robust financial numbers, the company could make strong progress on several fronts. This included improving its biosimilars pipeline, advancing of its device tactics, and unveiling of new generic injectable products.
Moving ahead, Hospira, Inc. (NYSE:HSP) CEO indicated that it would focus on key areas of growth such as generic injectables and devices and biosimilars. It would also meet the needs of its customers, as well as, healthcare systems.
During the first quarter, Hospira reported 12% growth in net sales to $1.17 billion and earned EPS of 43 cents. Its adjusted earnings jumped 61.7% to 97 cents a share while gross profit advanced 28.2%.
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