Kimberly to buy I-Flow

Kimberly-Clark Corp. said on Friday that it will add higher-margin medical devices to its health care unit by purchasing health care company I-Flow Corp. in a cash deal valued at approximately $276 million excluding acquired cash and cash equivalents.

Kimberly-Clark, maker of Huggies diapers and Kleenex tissues, will start a tender offer to buy all of Lake Forest, California-based I-Flow’s outstanding stock at $12.65 per share, or about $324 million. 

The planned acquisition follows a Monday announcement by Kimberly-Clark corp in which the Dallas-based company said it bought Baylis Medical Co.’s pain management business for an undisclosed sum.