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Pfizer, Hospira acquisition gets European Union approval

The deal was initially a concern for the agency over fear of discontinued drugs, affordability and development of new medications.

European Union regulators approved Pfizer's $16 billion deal to buy Hospira after they conceded to put a plan in place that would protect against price increases, protect research and development, as well as make sure certain drugs were not discontinued, according to the Wall Street Journal.

"This is not just about keeping prices low for patients and health care services,”  Margrethe Vestager, the EU's antitrust chief said in a statement, according to the news organization. “We have also made sure that the merger of Pfizer/Hospira doesn't stand in the way of the research and development of medication that could have huge benefits for society.”

Specifically, regulators were worried about a copycat version of Infliximab, a drug used to treat autoimmune diseases. Their concern was delays or discontinuation of production.

Although the deal was announced in February, they still needed proper regulatory approval.

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