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Angiotech acquires Haemacure assets

This article was originally published in The Gray Sheet

Executive Summary

Angiotech Pharmaceuticals says it will pursue commercialization of Haemacure's human biomaterial product candidates, namely fibrin sealant and thrombin hemostat, after acquiring the firm's assets in a deal announced April 7. Potential applications include general and abdominal surgery, cardiothoracic and vascular surgery, gynecology and urology surgery and reconstructive and plastic surgery. The U.S. surgical sealing and hemostat market is estimated at $500 million-plus annually, according to Angiotech. The asset sale has been authorized under Haemacure's Chapter 11 bankruptcy court proceedings. Angiotech provided Haemacure with a $2.5 million bridge loan last June, and estimates that, at closing, "it will have funded approximately $1.5 million in additional transaction-related expenses.

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