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Angiotech to Establish Separate Operating and Royalty Businesses
Date:7/7/2008

Ares Management and New Leaf Venture Partners Commit To Purchase

Convertible Notes in New Subsidiary of $200 to $300 Million

Transaction Proceeds to be Used to Reduce Angiotech Debt

VANCOUVER, July 7 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP), a global specialty pharmaceutical and medical device company, today announced that Angiotech's Board of Directors has authorized a transaction to create a new subsidiary, Angiotech Pharmaceutical Interventions, Inc. ("API"). Angiotech will contribute to API certain business assets and intellectual property, which include primarily business assets of Angiotech other than the intellectual property and royalty revenue related to the TAXUS(R) coronary stent system. The Company has entered into a note purchase agreement with Ares Management and New Leaf Venture Partners, under which the investors will purchase between $200 and $300 million, at the Company's option, of convertible notes issued by API that will be convertible into a significant minority equity interest in API. Angiotech and its shareholders will benefit from the future performance of API based on retaining a significant continuing equity interest in the newly formed subsidiary. The net proceeds from the issuance of the convertible notes will be used to reduce Angiotech's existing debt, pursuant to tender offers announced and commenced concurrent with this announcement. The transaction is subject to approval of the Company's shareholders and other customary closing conditions.

"We are pleased to announce a transaction today that we believe offers significant immediate value and risk mitigation for our shareholders and bondholders, while retaining significant partic
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SOURCE Angiotech Pharmaceuticals, Inc.
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