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Pfizer deal leads Dow Jones higher Pfizer deal leads Dow Jones higher
(about 5 hours later)
(Open): US drugmaker Pfizer led the Dow Jones higher in early Thursday trading after clinching a deal to buy rival Hospira. (Close): US drugmaker Pfizer led the Dow Jones on Thursday after clinching a deal to buy rival Hospira.
Pfizer was the Dow's best performer, adding 2.4% following the announcement of the $17bn takeover. Pfizer was the Dow's best performer, adding 3%% following the announcement of the $17bn takeover.
Hospira did even better, soaring 35%.Hospira did even better, soaring 35%.
Overall, the Dow Jones was up 92.25 points at 17,765.27, while the S&P 500 was 89.25 points higher at 2,050.76 and the tech-focused Nasdaq rose 11.02 points to 4,727.73. Overall, the Dow Jones was up 199.6 points at 17,872.84, while the S&P 500 was 20 points higher at 2,061.48 and the tech-focused Nasdaq rose 49 points to 4,765.37.
Pfizer's takeover of Hospira has already been approved by the boards of both firms.Pfizer's takeover of Hospira has already been approved by the boards of both firms.
Pfizer has agreed to pay $90 a share in cash for Hospira, which makes sterile injectable treatments and biosimilar drugs.Pfizer has agreed to pay $90 a share in cash for Hospira, which makes sterile injectable treatments and biosimilar drugs.
Pfizer said its rival's range of products was complementary to its own.Pfizer said its rival's range of products was complementary to its own.