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news.AngioDynamics has entered into asset purchase agreements with Diomed Holdings, Diomed, Inc. and Diomed Limited for the acquisition of certain assets of Diomed's business in the US and UK.
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Under the agreement with Diomed Holdings and Diomed Inc., AngioDynamics may provide up to $1.3 million in debtor-in-possession financing that will be secured by a perfected first priority lien on all of Diomed’s assets in the US and will be repayable together with interest on the earlier of the closing of the contemplated asset purchase, the closing of an alternative transaction, or May 30, 2008.
AngioDynamics has agreed to pay $8 million in cash for the assets of Diomed’s US business engaged in the sale of systems for the endovenous laser treatment of varicose veins. In addition, AngioDynamics has agreed to pay $3 million in cash for the assets of Diomed’s UK business based in Cambridge, England. Diomed’s UK operations manufacture and distribute systems used in the endovenous laser treatment of varicose veins and was placed under the control of a UK Insolvency Administrator on March 14, 2008.
The offer to purchase Diomed’s US assets is conditioned upon AngioDynamics’s purchase of Diomed’s UK assets. The offer to purchase Diomed’s UK assets is conditioned upon the entry of an order in the US bankruptcy court authorizing the purchase of the US assets.