Angiotech Pharmaceuticals, which rebranded in 2013 as Surgical Specialties Corp., said today that it agreed to be acquired by a syndicate led by Chinese venture capital shops Vivo Capital and ZQ Capital for an undisclosed amount.
Blackstone Group’s GSO Capital Partners, China Orient Asset Management and Fung Shing Investments also joined the transaction, which is slated to close during the 1st quarter next year.
After a 2011 bankruptcy, Angiotech restructured, selling its interventional products division back to Argon Medical Devices for $362.5 million in 2013. The company employs more than 2,000 workers at plants in England, Puerto Rico, Mexico and Germany.
“I would 1st like to thank our customers for their continued support of Angiotech. We remain committed to continuing to improve our ability to service those customers. Our employees have worked hard and through significant change over the past few years. We acknowledge their continued commitment to the mission of Angiotech Pharmaceuticals that centers on our customers. I want to thank our shareholders and Board for their investment, long term support and strong guidance in Angiotech and the critical role they played in our success. The management team and I are excited to work with our new owners on a seamless transition and to further accelerate our growth while continuing to invest in improved quality and service for all our customers,” CEO John Barr said in prepared remarks.
“We are excited by the opportunity to work with the management team, employees and customers of Angiotech Pharmaceuticals. The company is well positioned for continued sales growth in their core markets of needles, sutures and surgical knives. We look forward to working with them to selectively expand the product offerings leveraging the multi-channel strategy used by Angiotech, while driving strong geographic growth in key markets including China and other parts of Asia,” added Vivo Capital managing partner Chen Yu.
“We believe that Angiotech fits perfectly with our growth strategy and are excited to welcome the company and its strong management team and employees to our portfolio. We are honored to have the opportunity to partner with the company to further enhance its comprehensive product offerings and markets and to expand its influence and benefits to millions of patients worldwide, including in China,” ZQ Capital chairman Simon Shen said.