Angiotech announced this morning that it has entered into an agreement to sell its Interventional Products business line for $362.5 million in cash to Argon Medical Devices, Inc. According to the press release, the sale is expected to close before the end of April.
Angiotech describes itself as being a global specialty pharmaceutical and medical device company that discovers, develops, and markets innovative technologies and medical products primarily for local diseases or for complications associated with medical device implants, surgical interventions and acute injury. The company focuses on the areas of interventional oncology, wound closure and ophthalmology.
Argon Medical describes itself as being a global manufacturer of specialty medical products offering a broad line of medical devices for interventional radiology, vascular surgery, interventional cardiology, and critical care procedures.
According to the press release, the businesses being acquired by Argon include:
Angiotech’s BioPince™ full core biopsy devices, Tru-Core™ II (fully automatic) and SuperCore™ (semi-automatic) disposable biopsy instruments, T-Lok™ bone marrow biopsy devices, and Skater™ drainage catheters, among other products.
Angiotech will retain both its Surgical Products Business and its Royalty Business, which it describes in the press release as including intellectual property relating to the drug paclitaxel for application in drug-eluting stents that is licensed to Boston Scientific and Cook Medical.