AngioDynamics Sells PICC, Midline Portfolios to Spectrum Vascular for $45M

AngioDynamics has completed the sale of its PICC and Midline product portfolios to Spectrum Vascular, in a deal valued at up to $45 million.
 
The transaction consists of AngioDynamics’ PICC, Midline, and tip location products. The combined portfolio generated about $43.5 million in annual sales during the company’s fiscal year 2023.
 
The company also discontinued sale of its Uniblate and Starburst radio frequency products, as well as its Syntrax support catheter products. The company said it’s doing this to further streamline its product portfolio. AngioDynamics anticipates an about $50 million reduction of full-year 2024 revenue due to the discontinuances.
 
“Today’s divestiture is another significant milestone in our transformation and supports our focus on driving increased penetration of our Med Tech platforms in high-growth markets. It builds upon the divestiture of our Dialysis and Biosentry businesses that we announced in June as well as the plan we announced in January to streamline our manufacturing operations,” said Jim Clemmer, president and CEO of AngioDynamics. “This transaction, combined with the discontinuation of our radiofrequency ablation and Syntrax products, further strengthens our balance sheet, optimizes our product portfolio and deepens our strategic focus on driving growth and profitability within our NanoKnife, Mechanical Thrombectomy and Auryon businesses.”
 
Clemmer added, “The acquisition of our PICC and Midline portfolios provides Spectrum Vascular with strong, well-recognized product lines and a skilled commercial team. We are pleased that Spectrum Vascular, a growing provider of vascular access products, is acquiring our PICC and Midline portfolios and will continue to expand patient access to these industry-leading, high-quality medical devices.”
 
Last month, AngioDynamics received U.S. Food and Drug Administration (FDA) clearance for its Auryon XL radial access catheter.