Tallahassee Journal

Pfizer deal enriches Hospira’s shareholders

Pfizer deal enriches Hospira’s shareholders

Investors that owned shares of Hospira woke up much richer Thursday after Pfizer bought the injectable drugmaker for $90 a share, a premium of nearly 40% from Wednesday night’s close. Hospira shares (HSP), which closed last night at $64.80 per share, were up  35.4% to $87.75.Pfizer

Pfizer shares rose 2.6% to $32.80. The Dow Jones industrial average benefited from the rise in Pfizer, which is one of 30 stocks in the Dow. At 12 noon ET the blue chip index was up 155 points, or 0.9%, to 17,828, and back in the black for 2015..

“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,” said F. Michael Ball, the chief executive officer of Hospira. The Pfizer deal was the biggest in the health care space so far this year, according to Thomson Reuters Deals Insight.