US medical device provider ICU Medical weighs $1 bn sale: report
09 May 2013
US-based medical device provider ICU Medical Inc is weighing a plan of selling itself in a deal that could fetch more than $1 billion, Bloomberg yesterday reported, citing people familiar with the matter.
The California-based producer of intravenous medical equipments is working with JPMorgan Chase & Co on finding suitors, the report said.
Among the chief beneficiaries of a sale may be the company's CEO, Dr. George Lopez, who founded the company in 1984 and is the largest shareholder with 11 per cent.
Dr. Lopez had developed a product known as the ClickLock to prevent IV lines from accidentally disconnecting after he lost a patient due to an accidental disconnect.
Today ICU Medical produces a diverse range of products that include needle-free vascular access devices, custom infusion sets, closed system hazardous drug handling devices and systems, advanced sensor catheters, needle-free closed blood sampling systems, and innovative hemodynamic monitoring systems.
In 2009, ICU Medical acquired the former Abbott Laboratories Critical Care business from Hospira following a four year business deal, where ICU manufactured Hospira's critical care product lines.
The company posted revenues of $316 million last year, and has around $155 million in cash reserves.
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