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Halyard Health to buy pain management therapy developer for $65M

Halyard Health Inc. agreed to buy pain management and rehabilitation therapies developer CoolSystems Inc. for $65 million in cash.

California-based CoolSystems, marketed as Game Ready, develops products for patients recovering from orthopedic surgery or sports-related injuries.

The acquisition will help Halyard Health enhance its postoperative non-opioid product offerings and broaden its orthopedic footprint, CEO Joe Woody said in a statement.

Halyard Health plans to use current cash to fund the transaction, which is expected to close early in the third quarter.

The Georgia-based company said the transaction is expected to be immaterial to its fiscal year 2018 adjusted dilutive net EPS and slightly accretive to 2019 earnings

Halyard Health also reaffirmed its outlook for 2018 adjusted dilutive net EPS of $1.65 to $1.85, which includes earnings from both continuing and discontinued operations.