Angiotech Pharmaceuticals will fork over $785 million in cash to acquire American Medical Instruments, which makes needles and surgery tools. For Angiotech, the deal will allow it to expand on its offerings of drug coatings for medical devices and boost its sales activities. AMI has global operations in 12 locations and four countries, including over 550,000 sq.ft. 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 convergence of Angiotech's exceptional research and development 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," said Dr. William L. Hunter, CEO of Angiotech.
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