ICU Medical Inc. has entered into a definitive agreement to acquire Pursuit Vascular Inc. for $75 million with an additional earnout payment potentially due in 2021.
Pursuit Vascular’s primary product is the ClearGuard HD cap, which is used for the maintenance of hemodialysis catheters.
“Catheter line-associated bloodstream infections is at the heart of many of ICU Medical’s consumables technologies, and ClearGuard HD provides natural synergies in this area,” according to a press release from ICU. “The acquisition of Pursuit Vascular will enhance ICU Medical’s consumables product offering across multiple geographies and customer channels, and the company will immediately add the product to existing domestic and international channels focused on both acute and non-acute care settings.”
“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,” Vivek Jain, CEO of ICU Medical, said in the release. ICU Medical acquired the Hospira Infusion Systems business from Pfizer Inc. in February 2017.
Roy Martin, executive chair of Pursuit Vascular, said the ClearGuard HD product “is 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.”
The ICU acquisition will be funded with cash.