The proposed acquisition by Pfizer Inc., New York, of Hospira Inc., Lake Forest, Ill., could affect an estimated $25 billion in defined contribution and defined benefit assets, according to data from Securities and Exchange Commission and Form 5500 filings.
Pfizer's defined benefit plan for U.S. employees had $12.4 billion in assets and three defined contribution plans had a total of $10.76 billion in assets as of Dec. 31, 2013, according to the latest available data.
Hospira had $505 million in defined benefit plan assets and $1.3 billion in defined contribution plan assets as of Dec. 31, 2013, according to its Form 5500 filings.
The boards of directors of both companies unanimously approved the acquisition, which Pfizer said in a Thursday news release was worth $90 a share in cash, or approximately $17 billion. The company expects to complete the acquisition during the second half of 2015.
Joan Campion, a Pfizer spokeswoman, said Thursday it was too early to assess the impact on the respective retirement plans.
Hospira's stock closed at $87.64 on Thurday, up 35.25% from $64.80 at Wednesday's close. Pfizer's stock rose to $32.99 a share at Thursday's close, up 2.87% from a $32.07 close on Wednesday.
The merger requires shareholder and regulatory approval.
