Halyard Health Inc announces it has entered into a definitive agreement to acquire Concord, Calif-based CoolSystems Inc, marketed as Game Ready, a provider of cold therapy and compression therapy systems, for $65 million in cash.
Game Ready is used to assist in the pain management and rehabilitation of patients recovering from orthopedic surgery or sports-related injuries.
Its product line includes GRPro 2.1 cold and compression therapy system; Med4 Elite multi-modality therapy unit; ATX Wraps; and a variety of product accessories, all of which complement Halyard’s existing Pain Management portfolio, according to a media release from Halyard Health Inc.
“The acquisition of Game Ready represents another step forward in Halyard’s transformation as a pure-play medical device company and is consistent with our strategy to continually generate value for our patients, customers, and shareholders,” says Joe Woody, Halyard chief executive officer.
“The combination of Game Ready’s market leading cold therapy products with our ON-Q Pain Relief System portfolio will significantly enhance our postoperative non-opioid product offerings and broaden our orthopedic footprint,” he adds, in the release.
Halyard intends to fund the acquisition from current cash and the transaction is expected to close early in the third quarter.
[Source(s): Halyard Health Inc, PR Newswire]