* Kimberly Clark offering $12.65/shr for all I-Flow shares
* Sees deal adding to profits in 2011
* I-Flow shares jump 7.4 pct; Kimberly-Clark up slightly (Adds share activity, details)
NEW YORK, Oct 9 (Reuters) - Kimberly-Clark Corp (KMB.N) said on Friday it plans to acquire I-Flow Corp IFLO.O, a maker of drug delivery systems, for $324 million, its second deal in one week to expand its medical device business.
The maker of Kleenex tissues and Huggies diapers is launching a tender offer of $12.65 per share for all of I-Flow’s outstanding shares. That represents a 7.5 percent premium to their closing price of $11.76 on Thursday.
I-Flow shares jumped 87 cents to $12.63 on Friday. Kimberly-Clark shares rose 4 cents to $59.10.
I-Flow will become part of Kimberly-Clark Health Care, a unit with more than $1 billion in net sales and products including surgical and other medical devices. It will increase Kimberly-Clark’s medical device sales by more than 50 percent, the company said.
Earlier this week, Kimberly-Clark said it acquired Baylis Medical Co’s pain management business, expanding its reach in minimally invasive chronic spinal pain management. [ID:nN05382174]
I-Flow, which makes a drug delivery device to reduce pain after surgery, reported net sales of about $133 million in fiscal 2008.
The deal is expected to close in the fourth quarter of 2009 and to modestly dilute Kimberly-Clark’s earnings in 2009 and 2010. It should add to earnings in 2011, the company said. (Reporting by Martinne Geller, editing by Gerald E. McCormick, Dave Zimmerman)