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news.Angiotech Pharmaceuticals has entered into a definitive agreement to acquire medical device maker American Medical Instruments for approximately $785 million in cash.
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The transaction provides Angiotech with a commercial platform to capitalize on its current product pipeline, supporting a wide range of specialty therapeutic areas.
At the same time, the acquisition significantly diversifies Angiotech’s revenue base and gives the company global manufacturing, marketing and sales capabilities. The transaction is anticipated to close in the second quarter of 2006.
American Medical Instruments (AMI) has operations in 12 locations and four countries, including over 550,000 square feet of modern manufacturing operations.
Post transaction, Angiotech will have two specialty sales forces operating on a worldwide basis; one focused primarily on general surgery, plastic surgery, and ophthalmic surgery, and the second focused on vascular surgery, interventional radiology and tumor biopsy.
“The acquisition of American Medical Instruments represents a transformational event for Angiotech,” said Dr William Hunter, president and CEO of Angiotech. “The convergence of Angiotech’s exceptional R&D efforts and AMI’s expertise in operations, manufacturing and sales uniquely positions the combined company to develop and commercialize the next generation of medical devices and combination products.”