Pfizer will sell infusion business to ICU Medical for $1 billion
Pfizer announced on Thursday that it will sell its global infusion business to ICU Medical for a total of $1 billion in cash plus stock. Upon completion of the transaction, Pfizer will hold a minority stake in ICU Medical. In September 2015, Pfizer acquired the hospital infusion system business through a $15 billion acquisition of Hospira, which has annual sales of approximately $1.2 billion. In July this year, Pfizer said it was considering selling its infusion products business to focus on its core pharmaceutical business. Hospira sells generic hospital supplies and develops biosimilars. "They don't have a strategic match for Pfizer, so Pfizer wants to find buyers for the business," said Sun Boss Robinson Humphrey analyst John Boris. Pfizer will receive $600 million in new ICU Medical shares worth nearly $400 million in cash, holding approximately 16.6% of the company's shares. In the afternoon trading, ICU Medical surged 14% to a 52-week high of $143.59. Pfizer fell 0.9%, consistent with the entire pharmaceutical sector. Chris Lewis, an analyst at Roth Capital Partners, said that after adding the Hospira infusion pump and intravenous solution business, ICU Medical will be transformed into a proprietary infusion company with a complete product from an IV accessories company, such as a needleless connector. NINGBO VOICE BIOCHEMIC CO. LTD , https://www.medicine-voice.com