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11 October 2016Americas

Pfizer sells Hospira Infusion to ICU Medical for $1bn

Pfizer has agreed to sell its infusion therapy business to US medical manufacturer ICU Medical for $1 billion.

In a deal announced on Thursday, October 6, Pfizer said the sale of Hospira Infusion Systems is expected to complete at the beginning of 2017.

As part of the transaction, Pfizer will acquire 16.6% of ICU Medical.

Pfizer will receive approximately $400 million in newly issued shares of ICU Medical stock and $600 million in cash.

In 2015, Pfizer bought Hospira for $17 billion.

John Young, group president of Pfizer Essential Health, said: “We are pleased that Hospira Infusion Systems is combining with ICU Medical, and we believe the combined company will be well positioned in the marketplace to deliver value to customers through its strong product portfolio and the expertise of colleagues from both companies.”

Vivek Jain, ICU Medical’s CEO, said: “The combination of these two businesses is the natural evolution of a productive relationship that began more than 20 years ago when Hospira began integrating ICU Medical’s needle-free technology into their infusion offering globally.”

He added that by acquiring Hospira’s infusion arm, ICU Medical has created a business with “the focus and scale to compete globally”.

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