Kimberly-Clark to acquire Lake Forest firm I-Flow

Kimberly-Clark Corp. said Friday that it would add higher-margin medical devices to its healthcare unit by purchasing healthcare company I-Flow Corp. of Lake Forest for about $276 million.

Kimberly-Clark, maker of Huggies diapers and Kleenex tissues, will start a tender offer to buy all of I-Flow’s outstanding stock at $12.65 per share. The per share price represents an 8% premium to I-Flow’s Thursday closing price of $11.76.

“I-Flow will increase our medical device sales by more than 50%, add an innovative and successful technology to our growing portfolio of pain management and surgical solution products, and strengthen the depth and breadth of our sales force,” Joanne Bauer, president of Kimberly-Clark Health Care, said in a statement.

Both companies’ boards have unanimously approved the I-Flow deal, which is targeted to close in the fourth quarter. The acquisition is expected to add to Kimberly-Clark’s earnings starting in 2011.

I-Flow shares advanced 82 cents, or 7%, to close at $12.58 on Friday. The stock has ranged from $2.01 to $12.95 over the last year. Shares of Kimberly-Clark inched up 20 cents to end at $59.26.