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Icu Medical Partners With Medline Industries To Acquire Excelsior Medical Corporation

The following excerpt is from the company's SEC filing.

Acquisition Expands Company’s Direct and OEM Infusion Therapy Businesses

SAN CLEMENTE, Calif., October 5, 2015 (GLOBE NEWSWIRE) -- ICU Medical, Inc., (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative medical devices used in infusion therapy, oncology and critical care applications, today announced signing of a definitive agreement to acquire Excelsior Medical Corporation, a manufacturer of healthcare devices used to disinfect and protect access into a patient’s bloodstream. Excelsior has developed and commercialized the innovative SwabCap

and SwabFlush

products an d is a leader in pre-filled saline and heparin flush syringes. Excelsior is owned by RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the healthcare industry.

ICU Medical’s purchase price for Excelsior is $59.5 million. ICU also signed a definitive agreement to sell the operating assets of SwabFlush and the pre-filled saline and heparin flush syringes to Medline Industries, Inc. for $27 million. The transaction with Medline will close immediately following the acquisition by ICU Medical of Excelsior. Both transactions are expected to close within a week. ICU Medical will serve Medline on an OEM basis as a supplier and innovation partner for Medline’s SwabFlush business with a long-term exclusive supply contract.

SwabCap is a disposable cap designed to disinfect needlefree connectors with 70% isopropyl alcohol when attached to an intravenous (IV) catheter. The SwabCap product line complements the ICU Medical Clave

family of needlefree connectors, as both work together to deliver the critical elements of safety, protection and maintenance of IV catheters.

As the only device that combines a pre-filled saline flush syringe and disinfection cap, SwabFlush is designed to help improve compliance with disinfection protocols. SwabCap is built into the syringe plunger, making it immediately and conveniently available to nurses after they flush an IV line.

Both SwabCap and SwabFlush have been the subject of numerous award-winning scientific presentations by independent clinicians at recent annual meetings of the Association for Vascular Access (AVA), Association for Professionals in Infection Control and Epidemiology (APIC), and the Children’s Hospital Association.

The addition of SwabCap will enhance ICU Medical’s infusion therapy product offering across the company’s existing direct and OEM business lines as well as open new customer opportunities globally. ICU Medical...