Angiotech acquires major manufacturing firm

Vancouver's Angiotech Pharmaceuticals Inc has acquired privately held American Medical Instruments Holdings Inc (AMI) for US $785 million. The purchase propels Angiotech from a primarily R&D and intellectual property-based company to one with considerable manufacturing capacity and a strong sales and marketing workforce. The cash purchase is being made through loans and other debt financings and boosts Angiotech's FY05 revenue from $200 million to $375 million. It will now have two specialty sales forces for targeting various types of surgeries for which its products are used. Angiotech develops and produces medical devices used in surgeries, including its successful Taxus drug-coated stent. AMI was created in 2003 through the acquisition of several medical technology firms from The Marmon Group by RoundTable Healthcare Partners, Lake Forest IL. AMI has 12 facilities in four countries, with 55,000-sq-m of manufacturing operations and a workforce of 1,400.