ULURU Inc. (OTCPK:ULUR) entered into a binding term sheet to acquire 75% stake in Altrazeal Trading GmbH from International Pharma and Medical Devices GmbH and others for €3.2 million on May 12, 2015. Under the terms of the agreement, the consideration of €1.1 million will be paid on closing. Out of this €0.65 million will be paid as initial payment and €0.5 million will be paid on signing the definitive agreement.

The balance €2 million will be paid in four installments of €0.5 million on June 30, 2015, August 31, 2015, October 31, 2015, and December 31, 2015. The consideration includes €0.9 million payable on account to settle seller's debts. The sale is structured as an installment sale, with 15% of equity in Altrazeal Trading being transferred upon the payment of each installment.

At the option of ULURU Inc. four installments consideration will be settled in cash or common stock of ULURU Inc. The execution of purchase agreement is expected within 60 days.