April 8, — Angiotech Pharmaceuticals Inc. Angiotech expects the transaction will close prior to the end of April
April 8, — Angiotech Pharmaceuticals Inc. Angiotech expects the transaction will close prior to the end of April We would like to offer our admiration and sincere thanks to the dedicated management and employees of our interventional products business for their resilience through many changes, teamwork and achievements.
Angiotech expects to use the proceeds received from the transaction to repay all of its remaining outstanding debt angiotech interventional business plan, including remaining amounts due under its Senior Floating Rate Notes due December and the Senior Notes due December Angiotech also expects to terminate its revolving credit facility with Wells Fargo Capital Finance upon the close of the transaction.
The transaction is subject to approval of Angiotech shareholders. The transaction is conditioned on, among other things, expiration of applicable waiting periods under the U. Hart Scott Rodino Act.
Upon the conclusion of the transaction, Angiotech will retain its surgical products business and its royalty business. Revenue recorded by Angiotech in the 12 months ended Dec.
The most significant intellectual property in this portfolio is related to the use of the drug paclitaxel in treating certain conditions, including certain side effects that may occur coincident with the implantation of medical devices.
Angiotech has licensed this aspect of its intellectual property portfolio to its partners Boston Scientific Corp. Angiotech will also retain all intellectual property, rights, assets and inventory related to its BioSentry formerly Bio-Seal product line, which was recently approved for sale in the United States by the U.
Coincident with the transaction, Angiotech concluded a three year Manufacturing and Supply Agreement with Argon with respect to BioSentry.
Argon will not, as part of this agreement, have commercialization rights to BioSentry. Such transfer is currently expected to conclude during the first half of Upon the close of the transaction, Angiotech will cease to be a voluntary reporting public issuer, and will therefore no longer file financial or other information with the U.
Securities and Exchange Commission. Angiotech expects to continue to provide certain financial information, including audited annual financial information and selected interim quarterly financial information, via a private portal accessible to shareholders of record.
Further information will be forthcoming upon the close of the transaction.
Angiotech plans to file its annual report on form K in ordinary course at or around March 31, Angiotech will also postpone its upcoming investor call, currently scheduled for April 2,to a later date subsequent to the close of the transaction, at which point Angiotech plans to conduct a conference call, accessible to shareholders of record, to discuss its future plans for its remaining businesses.Angiotech Pharmaceuticals Inc.
is on the verge of completing a major deal for a division of its medical device products. The medical technology company announced Monday that it will sell certain subsidiaries, namely its Interventional Products business, to medical product manufacturer Argon Medical Devices Inc. for $ million in cash.
Angiotech's interventional products business also manufactures components for other third party medical device manufacturers, operates manufacturing facilities in Wheeling, Ill., Gainesville, Fla., and Stenlose, Denmark and employs a direct sales and marketing organization in the United States and Europe.
The deal will allow Angiotech to pay off all of its debt obligations and will bring the interventional products business, which includes biopsy devices and drainage catheters, back to its former owners.
The Interventional Products Business manufactures and markets disposable and re-usable biopsy products for the diagnosis of cancer, drainage catheter products, and vascular interventional products.
The transaction is expected to be completed prior to the .
Angiotech's Interventional Products Business also manufactures components for other third party medical device manufacturers, operates manufacturing facilities in Wheeling, IL, Gainesville, FL and Stenlose, Denmark and employs a direct sales and marketing organization in the U.S.
and Europe. Angiotech announces sale of Interventional Products Business to Argon Medical Devices, Inc. News provided by Angiotech Pharmaceuticals, Inc.