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| Spectranetics CEO Scott Drake |
Device company Spectranetics ($SPNC) said Wednesday that it will acquire cardiovascular balloon maker AngioScore for $230 million upfront plus other potential milestone payments.
The transaction will boost Spectranetics' offering of products, which includes coronary intervention devices like laser catheters and laser support catheters, by adding AngioScore's proprietary drug-coated scoring balloon platform to its portfolio.
Under the deal--which Spectranetics expects to close by June 30--AngioScore will become a wholly owned subsidiary of the Colorado Springs, CO-based company.
The upfront offer consists of $115 million in cash and $115 million of Spectranetics common stock, but Spectranetics says it intends to fund the entire $230 million upfront amount in cash with proceeds from a proposed convertible note offering.
"We have consistently discussed our strict criteria in evaluating partnering opportunities," said Spectranetics CEO Scott Drake in a statement. "AngioScore meets our criteria with an exceptional strategic fit, leverageable call points, differentiated technology and clear operating efficiencies. As a combined entity, we expect to have a meaningfully expanded market opportunity and a compelling product portfolio."
Fremont, CA-based AngioScore develops and markets the AngioSculpt technology platform, which is used to treat diseases of the vascular system, such as critical limb ischemia, in-stent restenosis, calcified lesions and chronic total occlusions.
- read the press release