VANCOUVER, British Columbia, May 25 (UPI) -- Vancouver, Canada-based Angiotech Pharmaceuticals said Wednesday it will acquire privately held Quill Medical for $40 million in cash.
The deal calls for Angiotech to make future payments based on product revenues in its purchase of the company, which makes aesthetic surgery and wound-closure products.
Under the agreement, Angiotech will acquire all of Quill's technology and intellectual property, including the Contour Threads product line, which was previously licensed to Angiotech.
"This acquisition allows us to capitalize on all of the exciting potential applications of Quill's technology across all fields, which will benefit our growing aesthetic surgery and wound closure franchises," said Pete Molinaro, president of Angiotech's surgical specialties division. "We look forward to rapidly developing these applications and getting them quickly into the hands of our growing sales and distribution network."
