This is an effort by Pfizer, which manufactures arthritis pill Celebrex, Prevnar pneumococcal vaccines and the fibromyalgia drug Lyrica, to gain a leading position in the global market for injectable drugs such as biosimilars and expand its product offerings.
The acquisition was announced in February this year.
Hospira markets several biosimilar drugs in Australia and Europe.
Bioclass is an injectable and lower-cost biotech drug. The US FDA had early this year given nod to biosimilar for the US market.
For several years, biotech drugs did not face any competition in the US as the FDA did not have adequate system to approve low-cost versions, reported Associated Press.
According to Pfizer, global sales of biosimilars are expected to reach $20bn by 2020. The company expects the acquisition of Hospira to generate $800m in cost savings by 2018.
Pfizer chairman and chief executive officer Ian Read said: "We are pleased that Hospira, the world’s leading provider of injectable drugs and infusion technologies and a global leader in biosimilars, is now part of Pfizer. We want to welcome our new Hospira colleagues to Pfizer. "
"We believe that through this transaction, we’ve created value for our shareholders by delivering incremental revenue and expected EPS growth in the near-term by strengthening our GEP business and positioning it for future growth."
Image: Pfizer world headquarters. Photo: courtesy of Jim.henderson.