Hospira Soars 35% After Pfizer Announces Acquisition Plans

Shares of pharmaceutical company Hospira (HSP) jumped 35% on Thursday, making it TheStreet's move of the day. The stock soared after drug company Pfizer (PFE) announced plans to acquire the company for about $17 billion, with a valuation of $90 per Hospira share. Hospira specializes in providing injectable drugs, a business Pfizer says is expected to grow to $70 billion by 2020. Pfizer plans to pay for the acquisition with cash and debt and forecasts $800 million in annual synergies by 2018. As with any major acquisition, the deal must be approved by regulators, though Pfizer says the deal should close during the second half of 2015. TheStreet's Scott Gamm has details from New York.