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

er and Thomas Bailey will remain in

their current positions as CEO and CFO of Angiotech respectively. The

Board of Directors of API is expected to include three members

appointed by Angiotech's Board of Directors, three members selected

by Ares, and a new, independent director to be selected by Angiotech.

Substantially all of the executive officers, management and employees

of Angiotech will continue in similar capacities with API, with the

exception of David Hall, Angiotech's Chief Compliance Officer, who is

expected to be named to the position of President of Angiotech upon

the close of the transaction.

- Future Potential Transactions, Strategic Alternatives. It is

anticipated that Angiotech may pursue additional transactions in the

future, including an initial public offering of API or a sale or

securitization of API or of Angiotech's other assets, including

potentially its royalty businesses, which may serve to further reduce

Angiotech debt or that may realize additional value for Angiotech

shareholders.

- Tax impact of the transaction, or future transactions. The initial

transaction is not expected to result in material tax consequences

for Angiotech, or Angiotech shareholders. Future tax consequences

will depend upon the type and timing of any transaction or type of

disposition of any of Angiotech's assets pursued, if any, and the

valuation achieved in such transaction or transactions.

- Conditions and Anticipated Close. An independent Special Committee of

the Board of Directors of Angiotech has recommended that the Board

(a) approve the transaction, and (b) recommend that the shareholders

vote in favor of the transaction. The transaction is subject to the

approval of Angiotech's shareholders, and
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SOURCE Angiotech Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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