Shares of ICU Medical (NASDAQ:ICUI), a medical device company specializing in intravenous treatment solutions, were on the move today following the announcement of a cash and stock deal for Smiths Medical. The market signaled its approval of the pending acquisition by pushing the stock 26.2% higher on Wednesday.
Smiths Medical is a U.S.-based component of Smiths Group (OTC:SMGZY), a British conglomerate that manufactures airport baggage scanners and industrial equipment. Smiths Group’s medical division never quite fit in with the rest of its portfolio, but it should do well in ICU Medical’s hands.
Smiths Medical manufactures dozens of medical products, such as positive airway pressure systems and syringe pumps. With a larger line of related products, ICU Medical can become more of a one-stop shop for busy hospital administrators.