NEW YORK (TheStreet) -- Pfizer(PFE) - Get Report shares are down 2.8% to $32.60 in morning trading on Monday amid a market-wide selloff after the biopharmaceutical company received U.S. regulatory approval to purchase Hospira (HSP) .
The company has agreed to divest four U.S. sterile injectable assets as part of the terms for approval of the deal which is expected to close in early September.
"We are pleased to have received these final regulatory approvals for our pending acquisition of Hospira. We now look forward to combining our two companies and expect the transaction to close in early September," said CEO Ian Read.
Pfizer will pay $15.23 billion for the injectable drug and infusion device maker.
European regulators have already approved the deal while U.S. and Brazilian regulators did so today.
TheStreet Ratings team rates PFIZER INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PFIZER INC (PFE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, solid stock price performance, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."