Health care industry private equity firm focused RoundTable Healthcare Partners, based in Lake Fores, said its portfolio company, Argon Medical Devices, has completed the acquisition of 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 acquisition bolsters Argon's existing portfolio of interventional vascular products, adds additional biopsy product lines, and further leverages the company's sales force.
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As part of the transaction, Argon will also acquire three dedicated manufacturing facilities in Wheeling; Gainesville, Fla.; and Rochester, N.Y. Argon currently manufactures its products in facilities in Athens, Texas and Singapore.
"The acquisition of the Interventional Products Business is another step forward in expanding our portfolio to offer our customers a greater array of physician preference products," said Argon CEO Michael Hudson. "We are delighted to be reunited with this business and look forward to positioning the combined company for significant growth."
The Interventional Products Business was created by RoundTable in 2003 as part of its American Medical Instruments Holdings, Inc. investment. Angiotech acquired the Interventional Products Business from RoundTable in 2006 as a part of its purchase of AMIH.
"We are extremely excited to have closed this transaction and to invest in this business again," said Joseph Damico, Founding Partner and Co-Chairman of RoundTable. "We look forward to working closely with Argon and its employees to integrate these two complementary businesses."