Medical products company Kimberly-Clark Corp., Dallas, has agreed to pay $324 million in cash to acquire Lake Forest, Calif.-based I-Flow Corp., a manufacturer of drug-delivery, pain-management and surgical-site care products. The acquisition includes roughly $48 million in cash or cash-equivalent assets that I-Flow has on hand, making the deal's total transaction value around $276 million.
Under the terms of the deal, I-Flow will operate as a part of Kimberly-Clark's healthcare business segment, according to a news release. The acquisition offer has been approved by both companies' boards of directors. The transaction is subject to customary review and closing conditions and is expected to close in the fourth quarter of 2009.