Canadian specialty pharmaceuticals and medical device company Angiotech Pharmaceuticals Inc. has completed the sale of its interventional products business unit to Argon Medical Devices Inc. The divestiture, which received the approval of company shareholders on April 8th, has been estimated to value C$363 million. Plano, Texas-based Argon has been a portfolio company of U.S. private equity firm RoundTable Healthcare Partners since 2003.
Angiotech announces close of sale of Interventional Products Business to Argon Medical Devices, Inc.
VANCOUVER, April 15, 2013 /CNW/ – Angiotech Pharmaceuticals, Inc. (“Angiotech”) announced today that on April 12, 2013 it completed its transaction, as previously announced on March 25, 2013, 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, and certain of its affiliates. Angiotech received shareholder approval to conclude the transaction on April 8, 2013.
Angiotech will use a portion of the net proceeds received from the transaction to redeem its remaining outstanding debt, and also expects to make a cash distribution in the form of a return of capital to shareholders, in an amount to be determined by Angiotech’s Board of Directors. Such return of capital is expected to be concluded at or around the date of the redemption of Angiotech’s outstanding debt. Such redemption is scheduled to be concluded on May 13, 2013.
Forward Looking Statements
Statements contained in this press release that are not based on historical fact, including without limitation statements containing the words “believes,” “may,” “plans,” “will,” “estimates,” “continues,” “anticipates,” “intends,” “expects” and similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and constitute “forward-looking information” within the meaning of applicable Canadian securities laws. All such statements are made pursuant to the “safe harbor” provisions of applicable securities legislation. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives and priorities in 2013 and beyond, our strategies or future actions, our targets, expectations for our financial condition and the results of, or outlook for, our operations, research and development and product development. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Many such known risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, the following: general economic and business conditions in the United States, Canada and the other regions in which we operate; market demand; competition; technological changes that could impact our existing products or our ability to develop and commercialize future products; governmental legislation and regulations and changes in, or the failure to comply with, governmental legislation and regulations; availability of financial reimbursement coverage from governmental and third-party payers for products and related treatments; adverse results or unexpected delays in pre-clinical and clinical product development processes; adverse findings related to the safety and/or efficacy of our products or products sold by our partners; decisions, and the timing of decisions, made by health regulatory agencies regarding approval of our technology and products; the requirement for funding to conduct research and development, to expand manufacturing and commercialization activities; and any other factors that may affect our performance. In addition, our business is subject to certain operating risks that may cause any results expressed or implied by the forward-looking statements in this press release to differ materially from our actual results. These operating risks include: our ability to successfully manufacture, market and sell our products; changes in our business strategy or development plans; our ability to attract and retain qualified personnel; our ability to successfully complete pre-clinical and clinical development of our products; our failure to obtain patent protection for discoveries; loss of patent protection resulting from third-party challenges to our patents; commercialization limitations imposed by patents owned or controlled by third parties; our ability to obtain rights to technology from licensors; liability for patent claims and other claims asserted against us; our ability to obtain and enforce timely patent and other intellectual property protection for our technology and products; the ability to enter into, and to maintain, corporate alliances relating to the development and commercialization of our technology and products; market acceptance of our technology and products; the availability of capital to finance our activities; our ability to service our debt obligations; and any other factors referenced in our other filings with the SEC. For a more thorough discussion of the risks associated with our business, see the “Risk Factors” section in our annual report for the year ended December 31, 2012 filed with the SEC on Form 10K on March 28, 2013.
Given these uncertainties, assumptions and risk factors, investors are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained in this press release to reflect future results, events or developments.
©2013 Angiotech Pharmaceuticals, Inc. All Rights Reserved.
Angiotech develops, manufactures and markets medical device products and technologies, primarily within the areas of interventional oncology, wound closure and ophthalmology. Our strategy is to utilize our precision manufacturing capabilities and our highly targeted sales and marketing capabilities to offer novel or differentiated medical device products to patients, physicians and other medical device manufacturers or distributors. For additional information about Angiotech, please visit our website at www.angiotech.com.
About Argon Medical Devices
Argon Medical is a global manufacturer of specialty medical products headquartered in Plano, Texas. Argon offers a broad line of medical devices for interventional radiology, vascular surgery, interventional cardiology and critical care procedures. Argon’s newest products include the Option™ Inferior Vena Cava Filter, Cleaner Rotational Thrombectomy System, and UltraStream™ Chronic Dialysis Catheter. Argon also offers complete lines of PICC and midline catheters, endomyocardial biopsy forceps, introducer sheaths, pressure transducers and other vascular products. Argon’s products are sold globally through a combination of direct sales representatives and premier distributors.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, based in Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful track record of working with owner / founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable currently manages $1.9 billion in capital, including three equity funds totaling $1.5 billion and two subordinated debt funds totaling $400 million.
SOURCE: Angiotech Pharmaceuticals, Inc.
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