Pfizer in the limelight

Pfizer is a big gainer on the bourses in the morning trade. The stock, currently up almost 4.5% at Rs.2045 had gone up to an intra day high of Rs.2081.95. Volumes are up over 2 times and its 52-week high is at Rs.2325.

The stock is in the limelight today after its US based parent announced that it would be buying Hospira for around $15 billion, which will give a spurt to its portfolio of generic injectable drugs and biosimilars. The US parent has offered $90/share, in cash which was at a 39% premium to Hospira’s closing price of Wednesday. The need to get this large deal is huge for Pfizer as earlier, its takeover bid of AstraZeneca did not go through.