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
June 23, 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, Massachusetts 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 5. Other Events.
Effective June 23, 1997, PolyMedica Industries, Inc. (the "Registrant") and
PolyMedica Industries (UK) Limited, a subsidiary of the Registrant, entered into
a definitive Asset Purchase Agreement (the "Agreement") with Innovative
Technologies Group Plc, a United Kingdom public company ("IT"), and certain
subsidiaries of IT, relating to the sale of the Registrant's institutional wound
care business (the "Business"). Pursuant to the Agreement, IT will purchase the
Business from the Registrant for consideration consisting of (i) $9 million in
cash, (ii) a $4 million promissory note and (iii) up to $4.5 million in
additional contingent consideration. The closing of the transactions
contemplated by the Agreement is contingent upon the approval of the
shareholders of IT and other customary conditions to closing.
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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.
POLYMEDICA INDUSTRIES, INC.
By: /s/ Steven J. Lee
Steven J. Lee
Chairman of the Board of Directors, and
Chief Executive Officer
Dated: June 23, 1997
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