ICU Medical, Otsuka Pharmaceutical Factory form joint venture

ICU Medical (ICUI) and Otsuka Pharmaceutical Factory, global IV solutions manufacturing subsidiary of Otsuka Holdings Co., Ltd., together announce the creation of a joint venture to provide additional supply chain resiliency and innovation to the North American IV solutions market. The joint venture brings together OPF’s expertise and global manufacturing scale-spanning 16 separate IV solutions production sites across Asia-with ICU Medical’s strong North American production and distribution in the same category. OPF’s history of innovation and consistent investment in state-of-the-art IV solutions manufacturing technologies combined with ICU Medical’s differentiated IV pumps and consumables will create a valuable offering for North American customers across these complementary infusion products. Under the terms of the agreement, ICU Medical will provide commercial services for the joint venture to ensure seamless operations for North American customers. Key economic terms of the joint venture include an upfront payment of approximately $200M from OPF to ICU Medical at inception, performance-based milestones at the end of 2026, and a backend put-call option in 2030 and beyond.