Spectranetics Corp. and AngioScore have inked a $230 million deal to serve the peripheral and coronary markets by making AngioScore a wholly owned subsidiary of Spectranetics.
Spectranetics will pay $115 million in cash and $115 million in stock to complete the transaction, which is expected be final by the end of June.
"We have consistently discussed our strict criteria in evaluating partnering opportunities," said Scott Drake, president and CEO of Spectranetics. "AngioScore meets our criteria with an exceptional strategic fit, leverageable call points, differentiated technology and clear operating efficiencies. As a combined entity, we expect to have a meaningfully expanded market opportunity and a compelling product portfolio."
AngioScore, based in Fremont, Calif., develops, manufactures and markets scoring balloon catheters to treat cardiovascular and peripheral artery diseases. The makes the AngioSculpt RX, a rapid exchange coronary scoring device, and AngioSculpt PTCA, an over-the-wire scoring balloon catheter for the treatment of coronary arteries. The company's line also includes AngioSculpt PTA, a scoring balloon catheter for treating peripheral vascular diseases. Its products are used to treat dilatation of lesions in the iliac, femoral, ilio-femoral, popliteal, infra popliteal and renal arteries, and for the treatment of obstructive lesions of native or synthetic arteriovenous dialysis fistulae.
Spectranetics develops single-use medical devices used in minimally invasive procedures within the cardiovascular system. The company's products are used to treat arterial blockages in the heart and legs, and the removal of pacemaker and defibrillator leads. The company's vascular Intervention products include a range of laser catheters for ablation of blockages in arteries above and below the knee. The firm also markets support catheters to facilitate crossing of peripheral and coronary arterial blockages, and retrograde access and guidewire retrieval devices used in the treatment of peripheral arterial blockages, including chronic total occlusions. Spectranetics also markets aspiration and cardiac laser catheters to treat blockages in the heart. The Lead Management product line includes excimer laser sheaths, dilator sheaths, mechanical sheaths and accessories for the removal of pacemaker and defibrillator cardiac leads.
AngioScore's product and distribution platforms diversify Spectranetics' portfolio while expanding physicians' options to treat critical limb ischemia, in-stent restenosis, calcified lesions and chronic total occlusions, officials noted.
AngioScore's leadership welcomed the deal.
"Simply put, we are better together," said AngioScore President and CEO Thomas R. Trotter. "We believe that this combination provides an opportunity to build a remarkable future while delivering life-impacting technologies to physicians and patients. In Spectranetics, we find a like-minded partner that shares our values, our commitment to improving patients' lives, and equally high standards for operational excellence and quality."