Colorado-based Spectranetics (NSDQ:SPNC) announced today that it consummated its $230 million acquisition of California-based AngioScore, adding that milestones payments are also on the forecast.
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.
