Lake Forest-based Argon Medical Devices Inc. said it will acquire the interventional products business of Angiotech Pharmaceuticals Inc. Terms of the acquisition were not announced.
The interventional products business manufactures and markets disposable and reusable biopsy products for the diagnosis of cancer, drainage catheter products, and vascular interventional products. The transaction is expected to be completed prior to the end of April, subject to customary closing conditions.
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The acquisition of the business bolsters Argon's existing portfolio of interventional vascular products, adds additional biopsy product lines, and further leverages the Company's sales force within core call points. As part of the transaction, Argon will also acquire three manufacturing facilities in Wheeling, Gainesville, Fla. and Rochester, N.Y. Argon currently manufactures its products in facilities in Athens, Texas and Singapore.
"The Interventional product franchise is well recognized by hospitals and physicians worldwide," said Michael J. Hudson, CEO of Argon. "The acquisition of these products strengthens the Argon portfolio and cements our Company's position as a key player in the Interventional Radiology, Cardiac Catheterization and Vascular Surgery markets."
Argon Medical Devices is a portfolio company of RoundTable Healthcare Partners), an operating-oriented private equity firm focused exclusively on the health care industry.
The interventional products business was created by RoundTable in 2003 as part of its American Medical Instruments Holdings, Inc. investment. Angiotech acquired the business from RoundTable in 2006 as a part of its purchase of AMIH.
"We are extremely excited to own the business again," added Joseph F. Damico, Founding Partner and Co-Chairman of RoundTable. "Our significant history with this excellent management team in the interventional segment, along with our in-house resources in sales and manufacturing will assist the Argon team in effectively integrating these two businesses to position the combined company for significant growth."