Under the agreement, AngioDynamics has acquired Oncobionic for a total purchase price of $25.4 million, including approximately $400,000 of assumed liabilities. A deposit of $5 million was paid in October 2006 and $10 million was paid at the closing on May 9, 2008. An additional $5 million is due in November 2008 and the final installment of $5 million will be paid in November 2009.
Eamonn Hobbs, president and CEO of AngioDynamics, said: “The closing of the Oncobionic acquisition is a significant landmark for our company as we build upon on our reputation of providing breakthrough innovative technology, while diversifying our business lines and strengthening our strong IP portfolio.”