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Medical equipment industry

Angiotech Pharmaceuticals Completes Hart-Scott-Rodino Waiting Period

Strategic Insights

— 1 min read

Angiotech Pharmaceuticals, Inc. announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR) has expired, allowing the company to grant an exclusive license to Boston Scientific Corporation for the use of paclitaxel and other agents on medical devices in the coronary vascular field. The expiration of the waiting period triggers a $25 million payment to Cook Incorporated and begins a 60-day period for Boston Scientific to elect to acquire these rights. Vancouver-based Angiotech Pharmaceuticals focuses on enhancing the performance of medical devices and biomaterials through innovative uses of pharmacotherapeutics.

Key Takeaways:

  • Angiotech Pharmaceuticals has completed the Hart-Scott-Rodino waiting period for the proposed grant of an exclusive license to Boston Scientific Corporation.
  • The expiration of the waiting period triggers a $25 million payment to Cook Incorporated.
  • Boston Scientific has a 60-day period to elect to acquire the rights to use paclitaxel and other agents on medical devices in the coronary vascular field.
  • Angiotech Pharmaceuticals, Inc. is a specialty pharmaceutical company that focuses on drug-eluting medical devices and biomaterials.
  • The company has a 60-day period for Boston Scientific to elect to acquire the rights.
  • This transaction does not affect the previously announced $25 million payment to Cook Incorporated.
  • The expiration of the waiting period was announced on October 28, 2004.
  • Formal notice was given to Boston Scientific on September 24, 2004.
  • The company is now free to provide an exclusive license to Boston Scientific in the coronary vascular field of use.

Statistics:

  • The waiting period expired on October 28, 2004.
  • The company has 60 days to elect to acquire these rights.
  • Boston Scientific has 60 days to elect to acquire the rights.
  • The transaction triggers a $25 million payment to Cook Incorporated.
  • Cook Incorporated will receive $25 million as a result of the expiration of the waiting period.

Sources:

  • Angiotech Pharmaceuticals, Inc. press release, October 28, 2004.
  • http://www.angiotech.com
  • U.S. Private Securities Litigation Reform Act of 1995

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