Pfizer's is selling its global infusion therapy business, Hospira Infusion Systems (HIS), to ICU Medical, in a cash/stock deal worth $1 billion.

The Hospira Infusion Systems business includes IV pumps, solutions, and devices that, when combined with ICU Medical's existing businesses, will create a leading infusion business, with estimated pro forma combined revenues of around $1.45 billion.

Under the terms of the deal, Pfizer will receive approximately $400 million in newly issued shares of ICU Medical common stock, giving it ownership in the firm of around 16.6 percent, as well as $600 million in cash.

"We believe the combined company will be well positioned in the marketplace to deliver value to customers through its strong product portfolio and the expertise of colleagues from both companies," noted John Young, Group President of Pfizer Essential Health.