Spectranetics set to acquire AngioScore for $230M
Excimer laser maker Spectranetics (NASDAQ:SPNC) has entered into a definitive merger agreement to acquire cardiovascular balloon catheter maker AngioScore (Fremont, CA) for $230 million in up-front consideration, along with additional contingent commercial and regulatory milestone payments.
Excimer laser maker Spectranetics (NASDAQ:SPNC; Colorado Springs, CO) has entered into a definitive merger agreement to acquire cardiovascular balloon catheter maker AngioScore (Fremont, CA) for $230 million in up-front consideration, along with additional contingent commercial and regulatory milestone payments. The transaction will enable the two companies to solve complex cardiovascular challenges in both the peripheral and coronary markets, and includes the addition of a proprietary drug-coated scoring balloon platform.
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Subject to customary closing conditions, the transaction is expected to close on or near June 30, 2014, at which point AngioScore will become a wholly owned subsidiary of Spectranetics. The up-front consideration consists of $115 million in cash and $115 million of Spectranetics common stock, although, as permitted by the merger agreement, Spectranetics intends to fund the entire $230 million up-front amount in cash with proceeds from a proposed convertible note offering.
AngioScore develops and markets the AngioSculpt Scoring Balloon Catheter for treating coronary and peripheral vasculature. The company's product and distribution platforms diversify Spectranetics' portfolio while expanding physicians' options to treat critical limb ischemia (CLI), in-stent restenosis (ISR), calcified lesions, and chronic total occlusions (CTO).
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