Spectranetics has entered into a definitive merger agreement under which Spectranetics will acquire AngioScore for $230m in up-front consideration, along with additional contingent commercial and regulatory milestone payments.
Subject to customary closing conditions, the transaction is expected to close on or near 30 June 2014, at which point AngioScore will become a wholly owned subsidiary of Spectranetics.
The up-front consideration consists of $115m in cash and $115m of Spectranetics common stock, although, as permitted by the merger agreement, Spectranetics intends to fund the entire $230m up-front amount in cash with proceeds from a proposed convertible note offering.
Piper Jaffray & Company acted as exclusive financial advisor to Spectranetics and Faegre Baker Daniels is serving as Spectranetics’ legal counsel.
AngioScore president and CEO Thomas R Trotter said that the company believes that this combination provides an opportunity to build a remarkable future while delivering life-impacting technologies to physicians and patients.
"In Spectranetics, we find a like-minded partner that shares our values, our commitment to improving patients’ lives, and equally high standards for operational excellence and quality," Trotter added.