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news.Angiotech Pharmaceuticals, a specialty pharmaceutical and medical device company, has completed an amended and restated distribution and licensing agreement with its partner Baxter International, a global, diversified healthcare company.
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As consideration for the amended and restated distribution and licensing agreement, Angiotech will receive $25 million.
Angiotech and Baxter initially entered into a distribution and licensing agreement in 2003 relating to certain intellectual property for Angiotech’s Coseal surgical sealant. The distribution and licensing agreement entitled Baxter to market and sell Coseal worldwide, excluding Japan, from which Angiotech has derived royalty revenue from Baxter. The distribution and licensing agreement also gave Baxter an option for distribution rights in Japan.
As a result of this transaction, Baxter will obtain worldwide rights to Coseal and certain additional fields of use for Coseal, and expanded worldwide rights to Coseal derivatives. Baxter will owe no further royalty or milestone obligations to Angiotech relating to the existing formulation of Coseal or any future products under the terms of the amended and restated distribution and licensing agreement.