ICU Medical to buy Pfizer’s infusion therapy business

(Reuters) - Medical device maker ICU Medical Inc said it would buy Pfizer Inc's global infusion therapy business, Hospira Infusion Systems, for $1 billion in cash and stock. Pfizer will receive $600 million in cash and nearly $400 million in newly issued shares of ICU Medical common stock, giving the drugmaker a stake of about 16.6 percent. Pfizer will also get the right to nominate one director to ICU Medical's board as long as the company maintains a 10 percent stake.