A Medical Device Daily

Boxer Acquisition, a subsidiary of consumer products maker Kimberly-Clark (Dallas) said it would buy all remaining shares of I-Flow (Lake Forest, California), now that shareholders have tendered – and Kimberly Clark has bought – 90.8% of I-Flow's common shares.

I-Flow makes drug delivery devices and surgical products like pumps and catheters.

The tender offer deadline was Nov. 23, and Kimberly-Clark has bought all the shares that were tendered. The remaining shares will be worth $12.65 per share in cash without interest and less any withholding taxes, the same amount as the tender offer.

I-Flow will become a part of Kimberly-Clark Health Care and I-Flow shares will no longer trade on the Nasdaq.

Kimberly-Clark first reported its plan to acquire I-Flow for about $276 million back in October (Medical Device Daily, Oct. 12, 2009),

In other dealmaking news:

• RehabCare Group (St. Louis) reported that it has completed its merger with Triumph HealthCare Holdings (Houston), a developer and operator of long-term acute care hospitals (LTACHs) in the U.S. The transaction is RehabCare's largest investment to date toward the development of its hospital operations and its strategic vision of creating post-acute continuums of care in markets across the country.

The combined organization delivers post-acute services in more than 1,280 locations in 41 states and represents the fourth largest post-acute hospital operator and the third largest LTACH provider in the U.S.

"Our merger with Triumph is a winning combination, and we are excited to begin the process of blending our strengths to elevate the role of our Hospital division and achieve a more diverse company with the potential to reach more patients in need of specialized, restorative care," said John Short, PhD, RehabCare president/CEO.

Triumph specializes in providing long-term acute care services to medically complex patients, currently operating 20 LTACHs in seven states, with two hospitals scheduled to be added by mid-2010. Brock Hardaway, Triumph HealthCare president/CEO, will lead the combined company's LTACH business, under the direction of RehabCare Senior VP of Hospital Operations Kevin Gross. Hardaway joined Triumph in 2005 and previously managed the operations of over 30 hospitals at Select Medical.

RehabCare said that the transaction is being financed through a combination of committed bank financing, the net proceeds of the equity offering that closed on Nov. 18, 2009, and cash on hand. Concurrent with the closing of this transaction, the company closed on a new senior secured credit facility consisting of a $450 million term loan B facility and a $125 million revolving credit facility.

• Swissray International (East Brunswick, New Jersey) a manufacturer of direct digital Radiography (ddR) systems, reported that its operations have been acquired by a private Swiss Investor with a long term view towards growing Swissray's medical imaging brand. The acquisition included all assets and intellectual property, as well as contracts and inventory. After 25 years of success and growth Swissray is now poised to move to the next level of technological advancements with stable and steady growth, the company said.

"Swissray has long been a pioneer and technology leader in the direct digital Radiography (ddR) market, serving hundreds of healthcare providers and patients with innovative and cost-effective DR solutions that emphasize excellence in image quality and lower radiation dose," states Alex Rosenzweig, Swissray's new chairman. "We are very excited about expanding the company's reach in the coming years under the leadership of its proven management."