Pfizer receives European approval for Hospira takeover

Pfizer has announced that the European Commission has approved its planned acquisition of Hospira, which was announced earlier this year.

The deal has been approved under the EU Merger Regulation, with the decision including Pfizer's commitment to divest certain assets. This marks a significant milestone in the process of completing the transaction.

Finalisation of the move remains subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as governmental and regulatory approvals in certain other jurisdictions, and additional customary closing conditions.

Ian Read, chairman and chief executive officer of Pfizer, said: "We continue to work cooperatively with the regulatory agencies to obtain the requisite approvals, and continue to expect the transaction to close in the second half of 2015."

The $17 billion (10.9 billion pounds) deal will see Pfizer take control of the world's leading provider of injectable drugs and infusion technologies, and a major player in the field of biosimilars.

It is expected to greatly expand the capabilities of Pfizer's global established pharmaceutical business.