Angiotech agrees to acquire vascular graft product line from Edwards Lifescienes
03 November 2005 - 5:30PM
PR Newswire (US)
First commercial products for vascular program VANCOUVER, Nov. 3
/PRNewswire-FirstCall/ -- Angiotech Pharmaceuticals, Inc. (NASDAQ:
ANPI; TSX: ANP) today announced that it has entered into a
definitive agreement to acquire the Lifespan(R) ePTFE vascular
graft business, located in Laguna Hills, California, from Edwards
Lifesciences Corporation (NYSE:EW) for $14 million in cash. The
transaction is subject to approval from Edwards Lifesciences' board
of directors. The agreement includes a distribution arrangement
with Edwards, whereby Edwards will retain certain rights to
distribute the existing Lifespan product line globally for a period
of up to five years as well as become the exclusive distributor of
Angiotech's Vascular Wrap(TM) paclitaxel-eluting mesh products as
packaged in combination with the Lifespan vascular graft products
in the European Union for a period of up to three years following
regulatory approval. Angiotech has the right at any time to
exercise co-distribution rights to the standalone Lifespan product
line in the United States, and can also co-distribute the
standalone products in the European Union after a period of three
years. Angiotech has retained all distribution rights with respect
to Vascular Wrap products packaged in combination with ePTFE
vascular grafts in the United States, and with respect to any
standalone Vascular Wrap products worldwide. Angiotech expects the
transaction to close in the fourth quarter of 2005. The Edwards
Lifespan(R) ePTFE product line has over 75 product iterations and
includes vascular grafts of various sizes and lengths. Edwards's
distribution network for the products includes a full line vascular
sales force in excess of 20 direct sales representatives in both
the U.S. and Europe supplemented by a number of independent
distributors. "Our transaction and partnership with Edwards
significantly enhances the financial potential of Angiotech's
Vascular Wrap product development program for an investment of $14
million," said Tom Bailey, Vice President, Business Development of
Angiotech. "In a single step, we have secured a near-term
distribution relationship for our Vascular Wrap product in the
European Union as well as an additional future revenue opportunity
for Angiotech, as we now can potentially generate revenue from the
direct sale by Angiotech of ePTFE vascular grafts as well as our
Vascular Wrap product, should our product development efforts prove
successful. In addition, this is a non-dilutive transaction, as at
the current revenue levels this operation is expected to be a
positive contributor to our cash flow and earnings while we conduct
clinical studies and pursue various regulatory approvals for the
Vascular Wrap product." As peripheral vascular disease has
increased, the number of bypass procedures has also increased.
Typically in a bypass procedure, vascular surgeons circumvent a
clogged artery using either a vein harvested from a patient's body
or a synthetic graft made from synthetic materials, such as ePTFE,
that have optimal stability and resistance to degradation. Over the
last 20 years, ePTFE has become the gold standard for synthetic
vascular grafts. Despite these improvements, today's patency rates
leave room for improvement, which is Angiotech's goal for its
paclitaxel-eluting Vascular Wrap(TM) product currently in clinical
trials. Edwards Lifesciences, a leader in advanced cardiovascular
disease treatments, is the number-one heart valve company in the
world and the global leader in acute hemodynamic monitoring.
Headquartered in Irvine, Calif., Edwards focuses on specific
cardiovascular opportunities including heart valve disease,
peripheral vascular disease and critical care technologies. The
company's global brands, which are sold in approximately 100
countries, include Carpentier-Edwards, Cosgrove-Edwards, Fogarty,
LifeStent, PERIMOUNT and Swan-Ganz. Additional company information
can be found at http://www.edwards.com/. Vancouver-based Angiotech
Pharmaceuticals, Inc. is a specialty pharmaceutical company
pioneering the combination of pharmaceutical compounds with medical
devices and biomaterials to both create novel solutions for poorly
addressed disease states and dramatically improve surgical
outcomes. To find out more about Angiotech Pharmaceuticals, Inc.
(NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), please visit our website at
http://www.angiotech.com/. Statements contained herein that are not
based on historical or current fact, including without limitation
statements containing the words "anticipates," "believes," "may,"
"continue," "estimate," "expects," "may" and "will" and words of
similar import, constitute "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
results, events or developments to be materially different from any
future results, events or developments expressed or implied by such
forward-looking statements. Such factors include, among others, the
following: general economic and business conditions, both
nationally and in the regions in which the Company operates;
technology changes; competition; changes in business strategy or
development plans; the ability to attract and retain qualified
personnel; existing governmental regulations and changes in, or the
failure to comply with, governmental regulations; liability and
other claims asserted against the Company; and other factors
referenced in the Company's filings with the United States
Securities and Exchange Commission or the Canadian securities
regulators. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. The
Company does not assume the obligation to update any
forward-looking statements. FOR ADDITIONAL INFORMATION: Analysts
and Investors: Todd Young, Vice President Investor Relations and
Communications, Angiotech Pharmaceuticals, Inc. (604) 221-7676 ext
6933 Analysts: Rui Avelar, Senior Vice President Medical Affairs
and Communications, Angiotech Pharmaceuticals, Inc. (604) 221-7676
ext 6996 Media: Colleen Beauregard, Waggener Edstrom Bioscience
(503) 443-7863 Email: DATASOURCE: Angiotech Pharmaceuticals, Inc.
CONTACT: Analysts and Investors: Todd Young, Vice President
Investor Relations and Communications, Angiotech Pharmaceuticals,
Inc., (604) 221-7676 ext 6933; Analysts: Rui Avelar, Senior Vice
President Medical Affairs and Communications, Angiotech
Pharmaceuticals, Inc., (604) 221-7676 ext 6996; Media: Colleen
Beauregard, Waggener Edstrom Bioscience, (503) 443-7863, Email:
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