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Angiotech to Establish Separate Operating and Royalty Businesses

opportunities. In addition, by selectively reducing cash pay debt,

Angiotech expects the remaining royalty revenue derived from its

partners BSC and Cook Group Incorporated ("Cook") will be adequate to

service any remaining debt. The various assets, including the royalty

business and API equity stake, owned by Angiotech will also allow

continued exploration of additional financing and strategic

alternatives to potentially further reduce or eliminate remaining

Angiotech debt.

Transaction Description and Plan

- Transaction Process. In late 2007 and early 2008, Angiotech

management and its Board of Directors discussed and reviewed various

financial and strategic alternatives, with the goal of evaluating and

pursuing selected opportunities to reduce debt, mitigate certain

risks and improve shareholder value. As a result of this review,

Angiotech conducted a process, together with its financial and legal

advisors, in which multiple potential investors were contacted to

evaluate an investment in API. Angiotech received and evaluated

multiple proposals over the past several months, and ultimately

concluded negotiations with Ares and New Leaf.

- Formation of API. API has been established as a Delaware corporation,

with principal executive offices in Vancouver, British Columbia.

Immediately prior to the close of the transaction, Angiotech and API

will enter into agreements to transfer to API certain assets and

liabilities of Angiotech, which primarily include the various

operating business assets and product development programs of

Angiotech, and exclude (i) intellectual property and royalty revenue

related to BSC's TAXUS paclitaxel-eluting coronary stent system; (ii)

potential royalty and other income from certain

SOURCE Angiotech Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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