ICU Medical (NSDQ:ICUI) ICU Medical today said it will acquire Pursuit Vascular for $75 million.
Through the definitive agreement, ICU Medical will have additional earnout payment potentially due in 2021.
“ICU Medical has always been deeply focused on improving patient safety and creating the best workflow for clinicians. The ClearGuard HD is natural extension of our needle-free IV connector and other infection control technologies, which together will provide best of breed solutions,” CEO of ICU Medical Vivek Jain said in a news release. “We have been studying the category for a long time and have been tracking the progress at Pursuit Vascular for more than two years. We believe the time is right for this acquisition because the product has shown clinical efficacy with untapped market potential, and the company has scaled up production capacity and know-how. ICU Medical has finished the majority of integration activities related to the 2017 Hospira Infusion Systems acquisition and can quickly integrate a logical bolt-on acquisition. Similar to our Excelsior acquisition a few years ago, this acquisition is the proper way to enter a market where we can both innovate and expand the category.”
Pursuit Vascular’s ClearGuard HD caps are designed for the maintenance of hemodialysis catheters. The technology kills infection-causing bacteria and fungi inside of a hemodialysis catheter to reduce infections.
“Pursuit Vascular is excited to be a part of ICU Medical,” executive chairman of Pursuit Vascular Roy Martin said. “Our ClearGuard HD is a leading-edge infection prevention device for dialysis procedures and a great fit with the existing product portfolio of ICU Medical. We are poised for international expansion using the global distribution capabilities of our new parent, and our innovative R&D capabilities are a perfect match with ICU’s long-standing reputation and culture of technology leadership. We believe this union is a great opportunity for our customers, our employees and the clinical communities we serve.”