AngioDynamics to Acquire RITA Medical Systems for $220 Million
AngioDynamics, Inc. announced today it signed a definitive agreement to acquire RITA Medical Systems for approximately $220 million plus the assumption of approximately $3.3 million in net debt. AngioDynamics manufactures medical devices for the diagnosis and treatment of peripheral vascular diseases and other non-coronary diseases while Rita provides oncology devices. The Boards of Directors of both companies unanimously approved the acquisition, which is anticipated to close by the end of the first calendar quarter of 2007, subject to regulatory review, the approval of each company’s respective shareholders and other customary closing conditions.
RITA has 33 sales reps in the US while AngioDynamics has 52. There’s little overlap between the two companies product lines. Yesterday AngioDynamics said its recently-acquired subsidiary Oncobionic had received FDA clearance to market its irreversible electroporation technology for surgical use.
November 28, 2006 Related topics: Product Approval & Certification, Medical Devices & Products, Mergers & Acquisitions, Hematology & Oncology, Cardiology