Fornix has been selling off its assets after losing a legal battle over reimbursement for its grass allergy product, severely limiting its growth potential.
Under the agreement, Stewartville, Minn.-based Rochester will pay approximately €10.35 million, or $13.73 million, in cash for the shares of Laprolan. The company, which distributes wound care, ostomy care and urology products into the Dutch market, had sales of about €8.0 million, or $10.5 million, in the 2010 calendar year, according to Rochester.
The deal is still subject to approval by Fornix shareowners, but Rochester expects the deal to close by March.
“This acquisition when completed fits nicely with our ongoing plan to expand our direct branded presence in mainland Europe. Laprolan has provided quality products and service to its customers in the Netherlands for 25 years, including Rochester Medical’s products for the past 16 years," Rochester CEO Anthony Conway said in prepared remarks.