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Hospira

Hospira

Hospira, Inc. was an American specialty pharmaceutical and medical-device company founded as a spin‐off of Abbott Laboratories’ hospital products division. Headquartered in Lake Forest, Illinois, Hospira specialized in hospital-focused products – notably generic injectable drugs and medication-delivery systems (such as infusion pumps, IV sets and needle-free syringes). Before its acquisition, Hospira was the world’s largest producer of generic sterile injectables, serving hospitals, clinics and long-term care facilities worldwide. It had on the order of 18–19,000 employees and annual revenues around $4–4.5 billion (circa 2014). Importantly, Hospira also developed biosimilar (generic biologic) products and was described as “a global leader in biosimilars”.

Key milestones in Hospira’s history:

  • May 3, 2004: Hospira began trading on the NYSE as an independent company, following Abbott Laboratories’ spin-off of its hospital products business. (Abbott announced that the “previously announced separation” of its hospital products unit would create Hospira as a new company.)
  • September 2015: Pfizer completed its acquisition of Hospira. In its press release, Pfizer highlighted that Hospira was “the world’s leading provider of injectable drugs and infusion technologies and a global leader in biosimilars”, and it integrated Hospira’s portfolio of generics and infusion products into Pfizer’s established pharma business.
  • October 2016: Pfizer sold off Hospira’s infusion systems business (IV pumps, infusion sets, solutions, etc.) to ICU Medical for $1.0 billion. After this deal, ICU Medical became the owner of Hospira’s former infusion-device products, while Pfizer retained Hospira’s portfolio of generic sterile injectable drugs and biosimilars.

Products and Business

Before its acquisition, Hospira’s product lines centered on medications and devices used in hospitals. Its pharmaceutical division produced a broad range of generic sterile injectables – for example, products for anesthesia, oncology, critical care and pain management – as well as biosimilars (such as Retacrit™, a biosimilar epoetin). Concurrently, its medical-device division manufactured medication-delivery systems: this included electronic infusion pump systems, IV administration sets, and related monitoring and medication-management technology. These products were widely used in U.S. hospitals (Hospira earned ~85% of its revenues from U.S. sales), but also sold internationally.

By the mid-2010s, Hospira’s combined business made it a leader in sterile injectable drugs globally. A Pfizer executive noted at acquisition that Hospira’s products and expertise “add to” Pfizer’s portfolio of hospital drugs and biosimilars. In short, Hospira’s legacy was that of a major hospital-product manufacturer – its generics and infusion systems supplied millions of doses and infusions in healthcare settings worldwide.

Acquisition by Pfizer

On September 3, 2015, Pfizer announced that it had completed the takeover of Hospira. The acquisition was valued at over $15 billion and gave Pfizer control of Hospira’s generic-products and infusion-device businesses. In the official press release, Pfizer’s CEO stated: “Hospira, the world’s leading provider of injectable drugs and infusion technologies… is now part of Pfizer”. Pfizer planned to integrate Hospira into its Global Established Pharmaceuticals (GEP) business, strengthening its sterile-injectables portfolio and biosimilars lineup.

The deal folded Hospira’s results into Pfizer’s financial statements. After closing, Hospira ceased to operate as an independent company – its name lived on only within the larger Pfizer organization. Pfizer continued to market many of Hospira’s former products under its own banner; for example, Hospira’s generic sterile injectables became part of Pfizer’s hospital drug offerings.

Sale of Infusion Systems to ICU Medical

Shortly after the Pfizer acquisition, the infusion-pump side of Hospira changed hands again. In October 2016, Pfizer agreed to sell Hospira’s global Hospira Infusion Systems business – including IV pumps, infusion solutions, and related devices – to ICU Medical. The deal, valued at $1 billion in cash and stock, was completed to create a focused “pure-play infusion therapy company”. As a result, ICU Medical absorbed all of Hospira’s infusion-pump products and technology. (ICU Medical’s CEO noted that Hospira and ICU had been collaborating for years and that combining the infusion portfolios would benefit customers.)

After this divestiture, Hospira’s infusion-pump legacy continued under the ICU Medical brand. For example, ICU Medical continues to develop and sell IV pumps and systems originally designed by Hospira, though now rebranded and integrated into ICU’s portfolio. Meanwhile, Pfizer retained Hospira’s generic-injectables and biosimilars portfolio as part of its hospital/sterile injectables business.

Current Status

Hospira no longer exists as a standalone company. Its former businesses now reside in two different entities:

  • Pfizer: The company’s generic sterile injectable drugs (e.g. anesthetics, oncology injectables, biosimilars) are now part of Pfizer’s hospital and generics divisions. (Pfizer absorbed Hospira’s manufacturing and R&D for these products.)
  • ICU Medical: The infusion pump and IV solutions business (previously “Hospira Infusion Systems”) is part of ICU Medical. ICU continues to market advanced infusion pumps, IV therapy sets and related devices that originated from the Hospira product line.

In summary, Hospira grew from an Abbott spin-out in 2004 to a leading hospital-products company, but by 2016 it had been fully integrated into Pfizer and ICU Medical. Its legacy lives on through the hundreds of generic injectables and infusion systems that continue to be widely used in hospitals today.

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Hospira

Hospira, Inc. was an American specialty pharmaceutical and medical-device company founded as a spin‐off of Abbott Laboratories’ hospital products division. Headquartered in Lake Forest, Illinois, Hospira specialized in hospital-focused products – notably generic injectable drugs and medication-delivery systems (such as infusion pumps, IV sets and needle-free syringes). Before its acquisition, Hospira was the world’s largest producer of generic sterile injectables, serving hospitals, clinics and long-term care facilities worldwide. It had on the order of 18–19,000 employees and annual revenues around $4–4.5 billion (circa 2014). Importantly, Hospira also developed biosimilar (generic biologic) products and was described as “a global leader in biosimilars”.

Key milestones in Hospira’s history:

  • May 3, 2004: Hospira began trading on the NYSE as an independent company, following Abbott Laboratories’ spin-off of its hospital products business. (Abbott announced that the “previously announced separation” of its hospital products unit would create Hospira as a new company.)
  • September 2015: Pfizer completed its acquisition of Hospira. In its press release, Pfizer highlighted that Hospira was “the world’s leading provider of injectable drugs and infusion technologies and a global leader in biosimilars”, and it integrated Hospira’s portfolio of generics and infusion products into Pfizer’s established pharma business.
  • October 2016: Pfizer sold off Hospira’s infusion systems business (IV pumps, infusion sets, solutions, etc.) to ICU Medical for $1.0 billion. After this deal, ICU Medical became the owner of Hospira’s former infusion-device products, while Pfizer retained Hospira’s portfolio of generic sterile injectable drugs and biosimilars.

Products and Business

Before its acquisition, Hospira’s product lines centered on medications and devices used in hospitals. Its pharmaceutical division produced a broad range of generic sterile injectables – for example, products for anesthesia, oncology, critical care and pain management – as well as biosimilars (such as Retacrit™, a biosimilar epoetin). Concurrently, its medical-device division manufactured medication-delivery systems: this included electronic infusion pump systems, IV administration sets, and related monitoring and medication-management technology. These products were widely used in U.S. hospitals (Hospira earned ~85% of its revenues from U.S. sales), but also sold internationally.

By the mid-2010s, Hospira’s combined business made it a leader in sterile injectable drugs globally. A Pfizer executive noted at acquisition that Hospira’s products and expertise “add to” Pfizer’s portfolio of hospital drugs and biosimilars. In short, Hospira’s legacy was that of a major hospital-product manufacturer – its generics and infusion systems supplied millions of doses and infusions in healthcare settings worldwide.

Acquisition by Pfizer

On September 3, 2015, Pfizer announced that it had completed the takeover of Hospira. The acquisition was valued at over $15 billion and gave Pfizer control of Hospira’s generic-products and infusion-device businesses. In the official press release, Pfizer’s CEO stated: “Hospira, the world’s leading provider of injectable drugs and infusion technologies… is now part of Pfizer”. Pfizer planned to integrate Hospira into its Global Established Pharmaceuticals (GEP) business, strengthening its sterile-injectables portfolio and biosimilars lineup.

The deal folded Hospira’s results into Pfizer’s financial statements. After closing, Hospira ceased to operate as an independent company – its name lived on only within the larger Pfizer organization. Pfizer continued to market many of Hospira’s former products under its own banner; for example, Hospira’s generic sterile injectables became part of Pfizer’s hospital drug offerings.

Sale of Infusion Systems to ICU Medical

Shortly after the Pfizer acquisition, the infusion-pump side of Hospira changed hands again. In October 2016, Pfizer agreed to sell Hospira’s global Hospira Infusion Systems business – including IV pumps, infusion solutions, and related devices – to ICU Medical. The deal, valued at $1 billion in cash and stock, was completed to create a focused “pure-play infusion therapy company”. As a result, ICU Medical absorbed all of Hospira’s infusion-pump products and technology. (ICU Medical’s CEO noted that Hospira and ICU had been collaborating for years and that combining the infusion portfolios would benefit customers.)

After this divestiture, Hospira’s infusion-pump legacy continued under the ICU Medical brand. For example, ICU Medical continues to develop and sell IV pumps and systems originally designed by Hospira, though now rebranded and integrated into ICU’s portfolio. Meanwhile, Pfizer retained Hospira’s generic-injectables and biosimilars portfolio as part of its hospital/sterile injectables business.

Current Status

Hospira no longer exists as a standalone company. Its former businesses now reside in two different entities:

  • Pfizer: The company’s generic sterile injectable drugs (e.g. anesthetics, oncology injectables, biosimilars) are now part of Pfizer’s hospital and generics divisions. (Pfizer absorbed Hospira’s manufacturing and R&D for these products.)
  • ICU Medical: The infusion pump and IV solutions business (previously “Hospira Infusion Systems”) is part of ICU Medical. ICU continues to market advanced infusion pumps, IV therapy sets and related devices that originated from the Hospira product line.

In summary, Hospira grew from an Abbott spin-out in 2004 to a leading hospital-products company, but by 2016 it had been fully integrated into Pfizer and ICU Medical. Its legacy lives on through the hundreds of generic injectables and infusion systems that continue to be widely used in hospitals today.

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