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news.I-Flow Corporation has entered into a binding letter of intent to acquire AcryMed, a developer of infection control and wound healing products. AcryMed shareholders will receive $25 million in cash from I-Flow in the planned merger.
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The agreement contemplates the merger of a new subsidiary of I-Flow into AcryMed, with AcryMed being the surviving corporation as a wholly owned subsidiary of I-Flow.
I-Flow’s obligation to complete the acquisition is subject to certain customary conditions as well as I-Flow’s completion of a due diligence investigation with the results of the investigation being satisfactory to I-Flow in its discretion. If these conditions are satisfied, I-Flow expects to consummate the acquisition during the first quarter of 2008.
Donald Earhart, I-Flow’s chairman and CEO, said: “The acquisition of AcryMed, and the personal commitment of AcryMed’s leaders, Bruce Gibbins and Jack McMaken, to join forces with I-Flow’s team, are critical and exciting steps in our plan to expand into wound care products and new technologies in this important arena. This acquisition allows I-Flow to take more control over our expansion into an even bigger addressable market for the ON-Q catheter franchise and will provide us with more innovative new products for our existing ON-Q sales force to sell.”