(MENAFN) US pharmaceutical giant Pfizer announced expanding its line of drugs and therapies with a USD17 billion takeover of its local rival Hospira, Oman Observer reported.
The deal, which was approved by the boards of both companies, will importantly add Hospira's portfolio of sterile injectable treatments and biosimilar drugs to Pfizer's broad pharma offerings.
Both companies estimated the market for sterile injectables, injectable drugs which can treat a range of maladies from pain to cancer, will be about USD70 billion in 2020.
The world market for biosimilars, officially approved adaptations of off-patent biotech drugs made by others, is predicted to hit USD20 billion in five years, the two US firms said.
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