Financings in Brief: Abiomed
This article was originally published in The Gray Sheet
Abiomed: Offers to pay $10,000 in cash for each of the 135 outstanding partnership units of the Abiomed Limited Partnership. Under a prior financing agreement, Abiomed was required to pay the Partnership a 5.5% royalty on revenues generated from its BVS-5000 and SupraCor temporary cardiac support systems. Abiomed has since reduced that obligation to 4.9% by taking a 10.9% stake in the Partnership. If accepted by members of the Partnership, Abiomed's purchase "will further reduce or potentially eliminate its net royalty obligations," the company says. To pay $3.1 mil. in royalty obligations incurred before April 1, 1995, Abiomed recently issued to the Partnership 451,427 shares of its common stock ("The Gray Sheet" May 8, p. 13)...
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