I-Flow Corp. said Friday that it completed the sale of subsidiary InfuSystem Inc. for $100 million to HAPC Inc.
The Lake Forest device maker received $67.3 million in upfront cash and another $32.7 million in a secured promissory note. I-Flow could also receive another $12 million depending on InfuSystem and HAPC’s future revenues.
A week ago, I-Flow said it bought a 15% stake in HAPC, a New York firm that buys other healthcare companies, in order to expedite the InfuSystem sale.
InfuSystem provides infusion pump management services to medical oncologists.
I-Flow acquired InfuSystem in 1998, but decided to sell it earlier this year to focus on its core business of providing devices that provide pain relief medication after surgery.
