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

other customary conditions.

The transaction is expected to be completed later in the third

quarter or early in the fourth quarter of 2008.

Goldman, Sachs & Co. is serving as Angiotech's financial advisor and Sullivan & Cromwell LLP and Borden Ladner Gervais LLP are serving as its legal advisors. Merrill Lynch Canada Inc. is serving as financial advisor to the Special Committee of the Board of Directors of Angiotech, and Lawson Lundell LLP is serving as the legal advisor to the Special Committee.

Proskauer Rose LLP is serving as legal advisor to Ares Management, and Latham & Watkins LLP is serving as legal advisor to New Leaf Venture Partners.

Conference Call Information

A conference call to discuss this transaction will be held today, Monday, July 7, 2008 at 5:30 AM PT (8:30 AM ET).

Dial-in information:

North America (toll free): (800) 638-4930

International: (617) 614-3944

Enter passcode: 83196265

A replay archive of the conference call will be available until July 14 by calling (888) 286-8010 (North America) or (617) 801-6888 (International) and entering passcode 57624159.

A live webcast will be available to all interested parties through the Investors section of Angiotech's website at http://www.angiotech.com

Cautionary Statement Regarding Forward-Looking Statements

---------------------------------------------------------

Statements contained in this press release that are not based on historical fact, including without limitation statements containing the words "believes", "may", "plans", "will", "estimate", "continue", "anticipates", "intends", "expects" and similar expressions, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. All such s
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SOURCE Angiotech Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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