Angiotech Pharmaceuticals has entered into an agreement to sell its Angiotech’s Interventional Products Business to Argon Medical Devices, a portfolio company of RoundTable Healthcare Partners, for $362.5 million in cash. $347.5 million will be paid upon the close of the transaction and $15 million will be retained in escrow for a period of 12 months to secure indemnification obligations. The transaction is expected to close by the end of April 2013.
The businesses being acquired by Argon include all manufacturing, commercial and administrative operations relating to Angiotech’s Interventional Products Business. Key product lines include Angiotech’s BioPince full core biopsy devices, Tru-Core II (fully automatic) and SuperCore (semi-automatic) disposable biopsy instruments, T-Lok bone marrow biopsy devices, and Skater drainage catheters. The business had $101.6 million in revenue last fiscal year. Angiotech’s Interventional Products Business operates manufacturing facilities in Wheeling, IL; Gainesville, FL; and Stenlose, Denmark. Click HERE to view Angiotech’s Interventional Products Business webpage.
Argon Medical Devices is a manufacturer and supplier of specialty single-use vascular interventional and pressure monitoring devices utilized in the cardiology, radiology and critical care market segments. Argon supplies hospital cardiac catheterization laboratories, interventional radiology suites and critical care units and maintains over 2,000 direct hospital accounts. Argon’s other customers include medical supply distributors, custom procedure kit packers and OEM customers. Argon is based in Athens, TX (www.argonmedical.com).
RoundTable Healthcare Partners is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable manages $1.9 billion in capital, including three equity funds totaling $1.5 billion and two subordinated debt funds totaling of $400 million. The firm is based in Lake Forest, IL (www.roundtablehp.com).
Angiotech’s financial advisors for this transaction were Moelis & Company and Houlihan Lokey.
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-25-13