Pfizer is buying Hospira for approximately $15.23 billion, saying it is a good fit with its global established pharmaceutical business.
Hospira Inc. is a provider of injectable drugs and infusion technologies.
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Pfizer Inc. will pay $90 per share in cash. The companies put the deal's enterprise value at about $17 billion.
Both companies' boards unanimously approved the transaction, which is targeted to close in the second half of the year.