November 4, 2019
ICU Medical to Acquire Pursuit Vascular
November 4, 2019—ICU Medical, Inc. announced that it has entered into a definitive agreement to acquire Pursuit Vascular, Inc., a privately held medical device company with a primary focus on catheter disinfecting products and technologies to reduce bloodstream infections.
Pursuit Vascular’s primary product is the ClearGuard HD cap, which is used for the maintenance of hemodialysis catheters and is available in the United States. In April 2019, the company announced it received European CE Mark approval and the Medical Device Single Audit Program certificate, allowing for the launch of the device in international markets.
According to ICU Medical, the ClearGuard HD device is a natural extension of the company’s needle-free intravenous connector and other infection control technologies. 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 nonacute care settings.
The transaction will include $75 million in cash with an additional earnout payment potentially due in 2021. Pursuit Vascular’s full 2019 annual revenues are estimated to be between $10 and $12 million with margins comparable to the existing ICU Medical intravenous consumables business.