SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
July 18, 1997
(Date of Report; Date of Earliest Event Reported)
PolyMedica Industries, Inc.
(Exact name of registrant as specified in its charter)
Massachusetts
(State or other jurisdiction of incorporation)
1-13690 04-3033368
(Commission File Number) (I.R.S. Employer
Identification No.)
11 State Street, Woburn, Massachusettes 01801
(Address of Principal Executive Offices) (Zip Code)
(617) 933-2020
(Registrant's Telephone Number, Including Area Code)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 2. Acquisition or Disposition of Assets
Pursuant to the terms of an Asset Purchase Agreement, dated as of June
23, 1997 (the "Agreement"), by and among PolyMedica Industries, Inc. (the
"Registrant"), PolyMedica Industries (UK) Limited ("PMIUK"), a wholly-owned
subsidiary of the Registrant, Innovative Technologies Group Plc, a United
Kingdom public company ("IT"), Innovative Technologies Limited, a subsidiary of
IT ("ITL"), and Innovative Technologies (US) Inc., also a subsidiary of IT
("ITUS"), on July 18, 1997, the Registrant and PMIUK completed the sale to ITL
and ITUS of certain assets related to their institutional wound care business.
Pursuant to the terms of the Agreement, the Registrant received $9 million in
cash and a $4 million promissory note at the closing. In addition, the
Registrant may realize up to $4.5 million in additional contingent consideration
provided that certain events occur and certain targets are met.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired.
Not Applicable
(b) Pro Forma Financial Information.
Not Applicable
(c) Exhibits.
See Index to Exhibits attached hereto.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: July 31, 1997 POLYMEDICA INDUSTRIES, INC.
By: /s/ Steven J. Lee
Steven J. Lee
Chairman of the Board
of Directors, and
Chief Executive Officer
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INDEX TO EXHIBITS
Exhibit Number Exhibit
1* Asset Purchase Agreement, dated as
of June 23, 1997, by and among
PolyMedica Industries, Inc.,
PolyMedica Industries UK Limited,
Innovative Technologies Limited,
Innovative Technologies (US) Inc.
and Innovative Technologies Group
Plc (the Registrant will furnish a
copy of any omitted exhibit or
schedule to the Securities and
Exchange Commission upon request).
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* Incorporated by reference to Exhibit 2.3 to the Registrant's Annual Report on
Form 10-K for the fiscal year ended March 31, 1997.
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