"This transaction offers Angiotech the opportunity for meaningful reduction of debt and interest expense, and allows us to raise a total amount of proceeds greater than would have been reasonably achievable through the consolidated company's capital alternatives," said Thomas Bailey, Chief Financial Officer of Angiotech. "After considering a wide range of strategic alternatives with the assistance of our advisors, our Board determined that this transaction establishes a more flexible capital structure to support our various business and product development initiatives."
"We are pleased, together with New Leaf, to have the opportunity to work with Angiotech to establish and capitalize API," said Bennett Rosenthal, Senior Partner of Ares Management. "The combination of our firms' significant capital resources, financial expertise and health care investing experience make us ideal partners for API. We are all tremendously excited about the market potential and growth trajectory of the company's various product opportunities."
"New Leaf and Ares believe that Angiotech has a very attractive
portfolio of marketed products and pipeline programs, and that this
transaction puts the Company in the best position to support these assets
with the investments needed to maximize their long term potential," said
Ron Hunt, Managing Director of New Leaf Venture Partners, LLC.
- Raises substantial proceeds in equity-linked security targeted to
reduce cash pay debt. The propos
|SOURCE Angiotech Pharmaceuticals, Inc.|
Copyright©2008 PR Newswire.
All rights reserved