Healthcare firm Medline Industries has agreed to acquire Namic fluid management business from AngioDynamics for $167.5m.
As part of the deal, Medline will acquire Namic brand and its portfolio including manifolds, contrast management systems, closed fluid systems, guidewires, disposable transducers and interventional accessories.
The deal also includes the acquisition of AngioDynamics’ primary manufacturing facility located in Glens Falls of New York, as well as all related manufacturing jobs and the sales and marketing teams that support the Namic business.
Medline CEO Charlie Mills said: “The NAMIC Fluid Management business is a natural fit with our world-class portfolio of medical devices and supplies. Medline’s scale and extensive kitting operations are sure to drive more momentum for NAMIC products and deliver opportunities for efficiency for customers.”
After completion of the deal, AngioDynamics plans to use the net cash proceeds of around $160m to clear all outstanding debt.
The company is also planning to use around $74m to make strategic investments in its existing portfolio to drive enhanced growth and future profitability.
The deal is subject to customary closing conditions including antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Barclays is acting as financial advisor, and Cadwalader, Wickersham & Taft is serving as legal advisor to AngioDynamics.
AngioDynamics president and CEO Jim Clemmer said: “Today marks another important chapter in the transformation of AngioDynamics. Over the past three years, we have streamlined our manufacturing operations and made significant improvements to our research and development process, enabling us to develop high-quality, innovative medical devices for our customers.
AngioDynamics provides minimally invasive medical devices for vascular access, peripheral vascular disease, and oncology.
Its product portfolio is comprised of ablation systems, fluid management systems, vascular access products, angiographic products and accessories, drainage products, thrombolytic products and venous products.
Medline is a manufacturer, distributor and solutions provider that serves healthcare systems and independent facilities across the continuum of care.
Based in Northfield of Illinois, Medline employs more than 20,000 employees and carries out operations in over 90 countries.