A transfer device for pharmaceuticals comprising a housing which has an open bottom permitting insertion of a vial within the housing, a piercing member mounted within the housing and having an interior passageway formed therein, a connector for a syringe located on top of the housing, and a moveable member mounted within the housing, the moveable member being moveable from a first position preventing access to the piercing member and a second position permitting access to the piercing member when the vial is inserted in the housing.