AngioDynamics, a leading provider of innovative, minimally invasive medical devices for vascular access, peripheral vascular disease, and oncology, today announced that it closed the previously announced sale of its NAMIC fluid management portfolio to Medline Industries, on May 31, 2019 for $167.5 million.
AngioDynamics has used a portion of the approximately $160.0million in net proceeds to pay down all of its outstanding debt. The Company’s post transaction cash balance of approximately $80.0million will be combined with a new $125.0million revolving line of credit to support organic and inorganic investments aimed at driving enhanced growth and future profitability.
“We are very pleased to have completed the divestiture of the NAMIC fluid management business, which is a critical step in our ongoing portfolio optimization efforts,” said Jim Clemmer, President and Chief Executive Officer of AngioDynamics. “The proceeds from this transaction enable us to further accelerate our strategic investments in key therapeutic areas and to advance our propriety medical technologies, including AngioVac, BioFlo, and the NanoKnife System, to address the unmet needs of patients around the globe.”
Barclays PLC served as financial advisor, and Cadwalader, Wickersham & Taft served as legal advisor to AngioDynamics.
Source: Company Press Release.