ICU Said to Explore Sale That May Fetch $1 Billion

ICU Medical Inc., the San Clemente, California-based producer of intravenous medical equipment, is weighing a sale that may fetch more than $1 billion, said people familiar with the matter. The shares rose to their highest closing price since first being sold to the public 21 years ago.

ICU is working with JPMorgan Chase & Co. on finding suitors, according to the people, who asked not to be named as the process is private. Deliberations are in the early stages and the company is still gauging interest, the people said.