Plans for the $17bn (€15.2bn) takeover were announced in February, when Pfizer cited Hospira’s capabilities in biosimilars, along with its dominance of the generic injectables sector as the main drivers for the acquisition.
Completion of the deal follows just weeks after Pfizer was given the green light by competition authorities in Europe and the US – both of which insisted on certain caveats.
The European Commission required that Pfizer agree to divest an infliximab biosimilar it was working on as well as several sterile injectable products.
In the US the Federal Trade Commission (FTC) OKed the Pfizer-Hospira deal with the proviso that former sell four drugs: acetylcysteine; clindamycin; voriconazole; and the chemotherapy agent melphalan.
In February, John Young, group president of Pfizer's pharma business, said Hospira has "an attractive biosimilar pipeline and broad commercialisation experience in Europe."
Young also predicted the combined company will have a “robust portfolio of both marketed biosimilars and the development and manufacturing capabilities to capitalise on growth opportunities” as around $100bn of patented biologic molecules are set to lose patent protection in next 5-10 years.
Even before the deal, Pfizer was a major player in the biosimilars sector as the following infographic illustrates:
Pfizer chairman Ian Reed said completion of the deal had strengthened the firm’s global established products business, citing Hospira’s medication management systems business as a big plus.
The medication management systems division focuses on the development and production of medical devices, including the Symbiq, Plus A+, LifeCare PCA and GemStar systems, for Hospira and its customers.
Pfizer also said it "expects the transaction will deliver $800m in annual cost synergies by 2018" but did not provide additional details.