The addition of Smiths Medical syringe and ambulatory infusion devices, vascular access, and vital care products to the ICU Medical portfolio creates a leading infusion therapy company with a more robust global reach
The Smiths Medical business includes syringe and ambulatory infusion devices, vascular access, and vital care products. (Credit: Arek Socha from Pixabay)
ICU Medical Inc. (NASDAQ: ICUI) announced that it has completed its acquisition of Smiths Medical from Smiths Group plc (LSE: SMIN.L). The Smiths Medical business includes syringe and ambulatory infusion devices, vascular access, and vital care products.
When combined with ICU Medical’s existing businesses, the combined companies create a leading infusion therapy company with estimated pro forma combined revenues of approximately $2.5 billion.
“We are pleased that Smiths Medical is now part of ICU Medical, and we welcome our new Smiths colleagues to the ICU team. We look forward to working together to continue providing quality, innovation, and value to our clinical customers worldwide,” said Vivek Jain, chairman, and chief executive officer at ICU Medical.
“The addition of Smiths Medical fits well with ICU Medical’s existing business and creates a scaled US-based global competitor that increases the stability of the medical supply chain and can grow as clinical care models evolve.”
The acquisition leverages significant investment into integration and infrastructure developed to support the Hospira Infusion Systems acquisition in 2017. It will allow ICU Medical to build on a corporate culture that creates value through accountability, acting with transparency, making quick and informed decisions, and staying focused on meeting customer needs.
Source: Company Press Release