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Pfizer to sell infusion business to ICU Medical

Staff Writer |
Pfizer said it would sell its global infusion therapy business to ICU Medical Inc for $1 billion in cash and stock that will give it a major stake in the smaller company.

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Pfizer had acquired the hospital infusion system business, which has annual sales of about $1.2 billion, through its $15 billion purchase in September 2015 of Hospira, which sells generic hospital products and is developing biosimilars meant to compete with big-selling biotech drugs.

But Pfizer said in July it was exploring the possible sale of the infusion products to focus on its core pharmaceuticals business.

Pfizer will receive $600 million in cash and nearly $400 million in newly issued shares of ICU Medical, giving it a stake of about 16.6 percent in the company.

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