The company will focus on developing its VenoValve system to treat chronic venous insufficiency and a second product for venous disease.

ICU Medical will pay about $500m in stock, $1.85bn in cash, and assume certain liabilities to acquire the medical division of Smiths Group. Smiths is also eligible for $100m in milestone payments from ICU Medical. The deal is better than the $2.3bn offer Smiths got from a subsidiary of private equity firm TA Associates earlier in August.

Seattle biotech raised $36m series A in March, now obtains glaucoma and AMD drug candidates along with delivery technology. Alligator, Orion partner on bispecific antibodies for cancer.

After investing in the California biotech, Lilly buys the company in search of safer insulin products. The pharma sees these candidates as pairing with tirzepatide to improve diabetes therapy overall.