Pfizer (PFE - Get Report) is making another acquisition. This time, it's purchasing a portion of the antibiotics arm of AstraZeneca (AZN - Get Report) , a pharma giant based in the United Kingdom. The deal is worth roughly $1.5 billion and is expected to close in fourth quarter. The unit Pfizer is buying includes three antibiotics, along with others in clinical stages. The move comes days after Pfizer announced plans to purchase Medivation (MDVN) for $14 billion.
Pfizer shares rose slightly while Astra Zeneca shares fell by 0.3 percent in premarket trading Wednesday. TheStreet's Scott Gamm reports from Wall Street.