Northern, WI 05/09/2013 (usmarketsdaily) - The shares of San Clemente, California based ICU Medical Inc. (NASDAQ:ICUI) (Current: $67.79, Down by 1.50%) jumped to their highest closing price since the shares were offered through Initial Public Offer around two decades ago. The surge in the share price was due to news reported on the company’s lookout for a sale that was estimated to fetch more than $1 billion.
Product Lines Of ICU Medical Inc. (NASDAQ:ICUI)
The company is leading medical equipment producer with major focus on equipments that are used for connecting intravenous ports to drug or solutions. ICU Medical Inc. (NASDAQ:ICUI) also leads in production of storage, development and delivery systems which are reliable for the use of cancer drugs. The biggest product of the company is Clave, a connector which enables the solution from saline bag or a dose of medicine to be fed to the intravenous port through a sterile, needle free connection. This product makes for about one third of the sales of all product lines of ICU Medical Inc. (NASDAQ:ICUI).
Suitors For The Deal
The company is working with JP Morgan Chase & Co (NYSE:JPM) (Current: $49.49, Down by 0.54%) to finalize the suitor for its sales deal. The prospective suitors as identified by Lawrence Solow, an analyst with CJS Securities Inc. include a health care company, a private equity investor and a large medical device supplying firm. The cash holding of ICU Medical Inc. (NASDAQ:ICUI) at around $155 million for the first quarter of 2013 further make it an attractive deal for private equity investors. The reports on the sale deal of ICU Medical Inc. (NASDAQ:ICUI) surged the share prices to $68.83, 13 percent increase and the highest one day rise since October, 2008