Shareholders of Fornix BioSciences have approved the previously announced sale of its medical supplies division and wholly owned subsidiary Laprolan to Rochester Medical.
Under the agreement, Rochester Medical will pay $13.73m in cash for the shares of Laprolan.
Laprolan distributes wound care, ostomy care and urology products into the Dutch market.
Rochester Medical develops, manufactures and markets latex-free disposable medical catheters and devices for urological and continence care applications.
Rochester Medical expects the transaction to close in the near term, and under the terms of the share purchase agreement between Rochester Medical and Fornix, be deemed retroactive to 1 January 2011.