The business manufactures and markets drainage catheter, vascular interventional products as well as disposable and re-usable biopsy products designed for the diagnosis of cancer.

The acquisition will expand Argon’s existing interventional vascular products portfolio, add additional biopsy product lines and further leverages the company’s sales force within core call points.

Argon Medical Devices CEO Michael Hudson said the interventional product business is recognized by hospitals and physicians worldwide.

"The acquisition of these products strengthens the Argon portfolio and cements our Company’s position as a key player in the Interventional Radiology, Cardiac Catheterization and Vascular Surgery markets," Hudson added.

The acquisition, which is subject to customary closing conditions, is expected to be completed prior to the end of April 2013.

RoundTable Healthcare Partners co-chairman and founding partner Joseph Damico said, "Our significant history with this excellent management team in the interventional segment, along with our in-house resources in sales and manufacturing will assist the Argon team in effectively integrating these two businesses to position the combined company for significant growth."

In addition, Argon will purchase Angiotech’s three US-based manufacturing facilities in Wheeling, Illinois, Gainesville, Florida and Rochester, New York.