Thursday May 29, 2014 1 commentsCOLORADO SPRINGS - Spectranetics Corp. (NASDAQ: SPNC) announced it has entered into a definitive merger agreement in which the company will acquire Freemont, Calif.-based AngioScore Inc., a leading developer, manufacturer and marketer of cardiovascular specialty balloons.
The agreement calls for a $230 million up-front payment along with additional contingent commercial and regulatory milestone payments.
The transaction is expected to benefit Spectranetics by expanding the company's addressable markets, broaden its product pipeline, enhance and leverage Spectranetics' strong sales and marketing capabilities and drive significant operating efficiencies and cost savings.
"We have consistently discussed our strict criteria in evaluating partnering opportunities," said Scott Drake, Spectranetics president and CEO.
"AngioScore meets our criteria with an exceptional strategic fit, leveragable 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."
The transaction is expected to close on or about June 30, when AngioScore will become a wholly-owned subsidiary of Spectranetics.