ICU Medical has completed the acquisition Pfizer’s Hospira Infusion Systems business for about $1bn.

Under the deal, which was first announced in October 2016, Pfizer secured $600m in cash from ICU, as well as $400m shares from its common stock.

Pfizer now owns around 16.6% stake in ICU Medical.

The acquired business adds IV pumps, solutions, and devices to ICU Medical, allowing the company to produce a complete IV therapy product portfolio ranging from solutions to pumps and non-dedicated infusion sets.

ICU Medical chairman and CEO Vivek Jain said: “We are pleased that Hospira Infusion Systems is now part of ICU Medical and welcome our new Hospira colleagues to the ICU team. We look forward to working together to continue providing quality, innovation and value to our clinical customers worldwide.”

At the time of announcing deal, Pfizer Essential Health Group president John Young 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.

ICU Medical produces medical devices, including needlefree vascular access devices, custom infusion sets, closed system hazardous drug handling devices and systems, advanced sensor catheters, needlefree closed blood sampling systems and hemodynamic monitoring systems. 

Image: Pfizer world headquarters in New York City. Photo: courtesy of Norbert Nagel, Mörfelden-Walldorf, Germany.