AngioDynamics to Acquire Navilyst Medical for $372 Million


February 2, 2012

February 2, 2012 — AngioDynamics entered into a definitive agreement to acquire privately held Navilyst Medical in a transaction valued at $372 million based on the Jan. 30 closing stock price of $14.20.

Navilyst Medical is a global medical device company with reaches in the vascular access, interventional radiology and interventional cardiology markets.  Avista Capital Partners acquired the business from Boston Scientific in 2008, and it generated sales of $149 million in calendar year 2011. The acquisition will significantly expand AngioDynamics’ scale, doubling its share of the vascular access market while building critical mass in the peripheral vascular market.

The purchase will significantly increase AngioDynamics’ presence in the vascular access market. It also adds the Namic fluid management brand to AngioDynamics’ product offering. Namic provides entrée for AngioDynamics’ peripheral vascular portfolio in catheterization labs and with interventional cardiologists.

Technology that will be integrated into AngioDynamics’ offerings include BioFlo products, which utilize a novel technology that minimizes the accumulation of thrombus in vascular products such as peripherally inserted central catheter (PICC), ports and dialysis catheters.   BioFlo PICC is approved for use in Canada and Europe and is pending U.S. Food and Drug Administration (FDA) 510(k) market clearance. The pressure-activated safety valve (PASV) three-way valve technology has a long clinical history in ports and PICCs and is designed to automatically resist backflow. Namic has been the gold standard in fluid management in the cardiology catheter lab and interventional radiology office setting for more than 40 years.  Navilyst also has an automated power injector in development that has potential for significant reductions in contrast usage and radiation exposure.

 The combined company’s vascular access business will offer a full line of ports, PICCs and other products differentiated by advanced technologies like the PASV valve and BioFlo from Navilyst, and Smart Port power-injectable ports featuring Vortex port technology from AngioDynamics. With Namic, AngioDynamics gains a foothold in the cardiology market, creating opportunities to drive peripheral vascular product sales and better serve these clinicians and their institutions. Additional growth will be brought by AngioDynamics’ VenaCure endovenous laser therapy varicose vein therapy. In oncology/surgery, AngioDynamics’ growing radiofrequency ablation product lines and NanoKnife System will be augmented by microcatheters from Navilyst.

The final closing is expected in the fiscal fourth quarter of 2012.

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