Pfizer gains after parent company buys Hospira for $15 billion

Pfizer has surged over 5.5% at Rs 2,068 on the BSE after the US based parent company Pfizer Inc said it would buy Hospira Inc for about $15 billion to boost its portfolio of generic injectible drugs and biosimilars, or copies of biotech drugs.

Pfizer Inc offered $90 per share in cash, a 39 per cent premium to Hospira's closing stock price on Wednesday. Hospira soared 35% to near $88 before the bell Thursday, while Pfizer was up 3.6%.

For Pfizer, the deal is the largest since its failed takeover attempt of AstraZeneca Plc, which rebuffed its $118 billion approach last year but has remained a subject of takeover speculation.

The stock opened at Rs 2,005, touched a high of Rs 2,082 on the BSE. A total of 21,000 shares changed hands on both the counters so far.