AngioDynamics (NSDQ:ANGO) said yesterday that it closed the $167.5 million sale of its Namic fluid management portfolio to Medline Industries.
The sale, originally announced in April, includes all of Latham, N.Y.-based AngioDynamic’s manifolds, contrast management systems, closed fluid systems, guidewires, disposable transducers and interventional accessories offered under the Namic brand.
AngioDynamics said that it has used a portion of its approximately $160 million in net proceeds to pay down it outstanding debt, and that its post-transaction cash balance of approximately $80 million will be combined with a new $125 million revolving line of credit to support both organic and inorganic investments.
Barclays PLC acted as a financial advisor while Cadwalader, Wikersham & Taft served as legal advisor to AngioDynamics, the company said.
“We are very pleased to have completed the divestiture of the NAMIC fluid management business, which is a critical step in our ongoing portfolio optimization efforts. The proceeds from this transaction enable us to further accelerate our strategic investments in key therapeutic areas and to advance our propriety medical technologies, including AngioVac, BioFlo, and the NanoKnife System, to address the unmet needs of patients around the globe,” prez & CEO Jim Clemmer said in a press release.
Last month, AngioDynamics said that the FDA approved an investigational device exemption application for a NanoKnife irreversible electroporation pilot study.
