Medline has signed a definitive agreement to buy NAMIC’s fluid management business from AngioDynamics for $167.5m.
The portfolio comprises a variety of solutions for cardiac catheterisation. The acquisition includes the NAMIC brand, contrast management and closed fluid systems, guidewires, disposable transducers and interventional accessories.
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AngioDynamics will also sell its manufacturing facility at Glens Falls, New York. This includes associated manufacturing, sales and marketing teams that support the NAMIC business.
AngioDynamics expects the divestiture to drive investments in other therapeutic areas such as oncology and thrombus management.
AngioDynamics president and CEO Jim Clemmer said: “Over the past three years, we have streamlined our manufacturing operations and made significant improvements to our research and development (R&D) process, enabling us to develop high-quality, innovative medical devices for our customers.
“These actions, combined with our ongoing portfolio optimisation efforts, including today’s announced transaction with Medline, provide us with the foundation to drive sustainable and increased top-line growth and deliver high-quality new therapies that address unmet patient needs.”
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By GlobalDataAngioDynamics intends to use around $160m of net cash proceeds from the transaction to pay outstanding debt, while the remaining amount will be used for strategic investments in its existing portfolio.
Medline believes that the NAMIC business will complement its existing medical devices and supplies portfolio.
Medline CEO Charlie Mills noted: “Medline’s scale and extensive kitting operations are sure to drive more momentum for NAMIC products and deliver opportunities for efficiency for customers.”
The transaction is subject to customary closing conditions. After completion, Medline intends to continue manufacturing operations at AngioDynamics’ Glens Falls facility.
