Pfizer sells Hospira Infusion Systems to ICU Medical

Pfizer has agreed a $1 billion (807.71 million pounds) cash and stock deal to sell its global infusion therapy business Hospira Infusion Systems to ICU Medical.

The Hospira Infusion Systems business, which provides intravenous pumps, solutions and devices, will be combined with ICU Medical to create a leading pure-play infusion therapy company with estimated pro forma combined revenues of approximately $1.45 billion.

Pfizer will receive approximately $400 million in newly issued ICU Medical shares and $600 million in cash, meaning Pfizer will own approximately 16.6 percent of ICU Medical when the deal closes in early 2017.

The new-look ICU Medical will hold industry-leading positions in key segments, with direct operations in more than 20 countries.

John Young, president of Pfizer's Essential Health division, said: "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."

This comes after Pfizer recently completed the $14 billion takeover of Medivation and made a decision not to break the company into two standalone businesses, as had been discussed.

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