Oncobionic Acquired by AngioDynamics
AngioDynamics, Incoporated announced that their purchase of Oncobionic, Incorporated is now complete. The deal commenced over 18 months ago. AngioDynamics made the acquisition for $25.4 million, as described in a news release from the company. The purchase price includes two $5 million payments yet to be made.
The deal was finalized following the first successful use of Oncobionic’s irreversible electroproation (IRE) technology in clinical trial for the treatment of soft tissue. That event occurred in the beginning of April. This trial is still ongoing in the U.S. and another trial will start in Italy next month.
AngioDynamics notes the benefits of the acquisition as a means to support diversification of the business line while simultaneously expanding the company’s portfolio of intellectual property. The company specializes in the development of tools for the treatment of peripheral vascular disease and cancer with minimally invasive approaches.
The IRE technology acquired was created to destroy cancer cells while preventing damage to the surrounding tissue and vessels. Lesions created with this approach can heal as quickly as two weeks, rather than the years required for radiation healing. The system was designed to treat a range of disease, including prostate cancer and liver tumors.
May 16, 2008 Related topics: Mergers & Acquisitions