Angiotech announces close of sale of Interventional Products Business to Argon Medical Devices, Inc.
VANCOUVER, April 15, 2013 /PRNewswire/ - 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.
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 OptionT Inferior Vena Cava Filter, Cleaner Rotational Thrombectomy System, and UltraStreamT 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.