Vivo Capital, ZQ Capital to acquire Angiotech Pharmaceuticals
Tuesday, December 20, 2016
Angiotech Pharmaceuticals (Canada) has entered into a definitive agreement to be acquired by a group of investors led by Vivo Capital, a healthcare focused investment firm, and ZQ Capital, a China-based investment and advisory firm.
The investment syndicate also includes GSO Capital Partners, China Orient Asset Management (International) Holding Limited and Fung Shing Investments Ltd. Pursuant to the agreement, the investment syndicate will acquire 100% of the shares of Angiotech. In addition, business development companies managed by affiliates of FS Investments and sub-advised by an affiliate of GSO Capital Partners LP (GSO, a division of The Blackstone Group), provided senior secured financing into the transaction. The terms of the transaction were not disclosed. The closing of the transaction is expected to occur during the first quarter of 2017.
Angiotech is a diversified medical device manufacturer of branded, private label and OEM products with more than 2,000 employees worldwide, manufacturing facilities in England, Puerto Rico, Mexico and Germany and customers in over 80 countries worldwide.
Chen Yu, Managing Partner of Vivo Capital, commented, “We are excited by the opportunity to work with the management team, employees and customers of Angiotech Pharmaceuticals. The Company is well positioned for continued sales growth in their core markets of needles, sutures and surgical knives. We look forward to working with them to selectively expand the product offerings leveraging the multi-channel strategy used by Angiotech, while driving strong geographic growth in key markets including China and other parts of Asia.”
Simon Shen, Chairman of ZQ Capital, commented, “We believe that Angiotech fits perfectly with our growth strategy and are excited to welcome the company and its strong management team and employees to our portfolio. We are honored to have the opportunity to partner with the company to further enhance its comprehensive product offerings and markets and to expand its influence and benefits to millions of patients worldwide, including in China.”
“The key shareholders in Angiotech Pharmaceuticals believe this is an excellent time to transition to new ownership and we are confident that the syndicate led by Vivo Capital and ZQ Capital Limited will continue the strong momentum already established,” commented Jeff Goldberg, co-chairman of the board of Angiotech Pharmaceuticals. “The company has made significant progress under this shareholder group including enhancing the management team, launching new products and line extensions, while streamlining operations.”
John Barr, CEO of Angiotech, commented, “I would first like to thank our customers for their continued support of Angiotech. We remain committed to continuing to improve our ability to service those customers. Our employees have worked hard and through significant change over the past few years. We acknowledge their continued commitment to the mission of Angiotech Pharmaceuticals that centers on our customers. I want to thank our shareholders and Board for their investment, long term support and strong guidance in Angiotech and the critical role they played in our success. The management team and I are excited to work with our new owners on a seamless transition and to further accelerate our growth while continuing to invest in improved quality and service for all our customers.”