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American Medical Selling Unit

The deal is worth up to $37 million.

American Medical Systems


agreed to sell its aesthetics division to


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(IRIX) - Get IRIDEX Corporation Report

in a deal worth up to $37 million.

Iridex will pay American Medical $28 million at the close of the transaction, plus up to an additional $9 million for any remaining inventory at the end of a six- to nine-month manufacturing-transition period. The sale is expected to close no later than Jan. 31.

American Medical will use the proceeds from the sale to pay down long-term debt.

"Importantly, for the customers and the employees of our aesthetics division, Iridex is a company with a history of success in this field," said Martin Emerson, the company's president and CEO in a press release Friday. "I am further encouraged by the fact that Iridex is fully committed to building upon the reputation and relationships that have been built across the globe by our aesthetics employees."