Angiotech Pharmaceuticals has closed the previously announced acquisition of American Medical Instruments Holdings, Inc. (AMI), a leading independent manufacturer of specialty, single-use medical devices, for approximately US $785 million in cash subject to post-closing adjustments.
The transaction, which was announced on February 1, 2006, provides Angiotech with global manufacturing, marketing, and sales capabilities and enhances the Company's ability to capitalize on its current product pipeline in a wide range of specialty therapeutic areas. The acquisition of AMI also significantly diversifies Angiotech's revenue base, stated a release.
Thomas Bailey, Chief Financial Officer of Angiotech, said, "This has been an exciting and transformational event for Angiotech. The hard work and dedication of our transaction team and advisors has enabled us to close the AMI acquisition well ahead of our original schedule, and we look forward to working with our new colleagues."
Dr. William L. Hunter, President and Chief Executive Officer of Angiotech, added, "We are excited to begin this new chapter in Angiotech's history. The acquisition of AMI provides us with people and resources to capture greater value from our drug and biomaterial technologies and our product pipeline, and will diversify our revenue base. With the strong contributions of our new partners at AMI, we believe we can establish a solid foundation for continued growth."