Spectranetics leadership touted the addition of AngioScore’s AngioSculpt scoring balloon technology platform, saying it diversifies Spectranetics’ existing portfolio and lets the company sell a more robust portfolio of treatments for critical limb ischemia, in-stent restenosis, calcified lesions and chronic total occlusions.
"We are very excited to complete this important transaction," Spectranetics president & CEO Scott Drake said in prepared remarks. "AngioScore meets our criteria with an exceptional strategic fit, leverageable call points, differentiated technology and clear operating efficiencies. With AngioScore now a part of our company, we have a meaningfully expanded market opportunity and a compelling product portfolio."
Spectranetics paid for the acquisition with $115 million in cash and $115 million in Spectranetics common stock, with additional payouts pending certain regulatory and commercial achievements. The company launched a $200 million funding round in May to help pay for the deal.
The news didn’t do much for SPNC shares today, which lost 1.4% and were trading at $22.88 as of about 4:45 p.m. today. The stock has gained 6.7% over the last month and is down 8.5% since the start of the year.