Pfizer to buy Hospira for $15 bn

Hospira was trading at $88 before the bell, while Pfizer was up 1.7 per cent. Drugmakers are racing to develop biosimilars, which typically cost 20-30 per cent less than the original, as big-ticket patents on biotech drugs expire and cash-strapped healthcare systems look to cut costs.

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Hospira is seeking approval from the US Food and Drug Administration to market a copy of Johnson & Johnson’s blockbuster arthritis treatment Remicade.

The total enterprise value of the deal is about $17 billion, the companies said.