The EC’s decision includes Pfizer’s commitment to divest certain sterile injectable drugs and its infliximab biosimilar drug, which is currently under development.
Pfizer chairman and chief executive officer Ian Read said: "We are pleased to have achieved a significant milestone for Pfizer’s pending acquisition of Hospira with the EC’s approval of the transaction.
"We continue to work cooperatively with the regulatory agencies to obtain the requisite approvals, and continue to expect the transaction to close in the second half of 2015."
The acquisition, which is valued at $90 per Hospira share, is expected to improve Pfizer’s Global Established Pharmaceutical (GEP) Business as well as strengthen its portfolio of generic injectable drugs and copies of biotech medicines.
Hospira has broad generic sterile injectables product line, including acute care and oncology injectables, with a number of differentiated presentations.
Biosimilars portfolio of Hospira is combined with GEP’s branded sterile injectables, including anti-infectives, anti-inflammatories and cytotoxics.
The transaction, which is scheduled to be closed in the second half of this year, is subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, governmental and regulatory approvals in certain other jurisdictions and other usual and customary closing conditions.