ICU Medical, Inc. (NASDAQ:ICUI), a worldwide leader in the development, manufacture and sale of innovative medical devices, and Otsuka Pharmaceutical Factory, Inc. (OPF), a subsidiary of Otsuka Holdings Co., Ltd. engaged in the global manufacturing and sale of IV solutions, together announce the formation of Otsuka ICU Medical LLC—a new joint venture aimed at strengthening IV solutions supply chain resiliency and driving innovation in the North American market.

"We are pleased to have successfully completed the formation of this joint venture with ICU Medical," said Shuichi Takagi, President and Representative Director of OPF. "Together, we look forward to bringing innovative IV solutions technologies to the North American market."

Vivek Jain, Chief Executive Officer at ICU Medical, commented, "This partnership will bring additional stability and choice to the North American IV solutions market, and we look forward to providing customers increased economic and clinical value."

Otsuka ICU Medical LLC combines OPF's expertise and global manufacturing scale—spanning 16 separate IV solutions production sites across Asia—with ICU Medical's strong North American production in Austin, Texas. The joint venture will create a valuable offering for North American customers by enhancing global supply resiliency and introducing new PVC-free technologies to the market. Under the terms of the agreement, ICU Medical will provide commercial services for the joint venture to ensure seamless operations for North American customers.