News + New Products

Angiotech announces sale of Interventional Products Business to Argon Medical Devices, Inc.

Angiotech Pharmaceuticals, Inc. (“Angiotech”) announced that it had entered into a definitive agreement to sell certain of its subsidiaries, comprising Angiotech’s Interventional Products Business, to Argon Medical Devices, Inc. (“Argon”), a portfolio company of RoundTable Healthcare Partners, for $362.5 million in cash consideration. Angiotech expects the transaction will close prior to the end of April 2013.

“This important transaction will enable Angiotech to retire all of its remaining debt obligations, and in addition will provide excess cash proceeds, which we plan to use to provide an immediate return to our shareholders and to invest in our remaining businesses,” said Thomas Bailey, President and CEO of Angiotech. “This event represents a culmination of turnaround efforts we initiated upon concluding our 2011 restructuring, and is a direct result of the exceptional and improved business results our teams were able to achieve in 2012. We would like to offer our admiration and sincerethanks to the dedicated management and employees of our Interventional Products Business for their resilience through many changes, teamwork and achievements.”

“We are excited to turn our efforts to investing in and executing opportunities in our Surgical Products business, where we still see much untapped opportunity for our proprietary Quill product line, our Look and Sharpoint general wound closure products, and our ophthalmic products,” said Tammy Neske , Chief Business Officer of Angiotech. “In addition, we have retained our recently FDA approved BioSentry (Bio-Seal) product line as part of this transaction, and we will continue to explore commercial and development opportunities for BioSentry while initiating U.S. commercial activities and making it available for customers.”

The businesses being acquired by Argon include all manufacturing, commercial and administrative operations relating to Angiotech’s Interventional Products Business. 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’s Interventional Products Businesses recorded $101.6 million in revenue in the 12 month period ended December 31, 2012.

Consideration for the transaction will total $362.5 million in cash, subject to a potential working capital adjustment, with $347.5 million to be received upon the close of the transaction, and $15 million to be retained in escrow for a period of 12 months to secure indemnification obligations relating to the transaction.

Upon the conclusion of the transaction, Angiotech will retain its Surgical Products Business and its Royalty Business. Revenue recorded by Angiotech in the twelve months ended December 31, 2012 from these businesses was $123.1 million and $15.1 million respectively.

Bard Peripheral Vascular launches Love Your Limbs Campaigne

MURRAY HILL, N.J., Bard Peripheral Vascular, Inc. (BPV), a subsidiary of C. R. Bard, Inc., a leading developer and manufacturer of medical device technologies used to assist doctors in performing life-saving peripheral vascular surgical procedures, announced today the launch of the Love Your Limbs™ Awareness Campaign, a new Bard-sponsored
initiative intended to raise awareness of Critical Limb Ischemia (CLI), its precursor, Peripheral Artery Disease (PAD), and limb amputation awareness and prevention. This multi-faceted campaign is a unique response to the needs of CLI patients and to the physicians challenged with treating these patients effectively.

As part of the campaign, BPV launched a patient- and physician-focused educational site intended as a resource with information about the causes, symptoms and available treatments for CLI. The site, www.LoveYourLimbs.com, guides visitors through a multimedia experience that addresses questions and concerns commonly raised by those affected by PAD, CLI and amputation. This site also provides physicians with case studies, product videos, and information symposiums taking place throughout the United States.

“We are pleased to launch this initiative and increase the awareness of this very important issue,” said Tim Ring, Chairman and Chief Executive Officer of C. R. Bard, Inc. “Within one year of diagnosis of CLI, approximately 25 percent of patients receive a major amputation and another 25 percent may lose their life. Within 3 to 5 years of the first lower limb loss, more than one third of patients will likely have a second amputation on the opposite limb. We are hopeful that the Love Your Limbs™ Campaign will raise awareness of treatment options for PAD and CLI and will save more legs and more lives.”


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