AngioDynamics (ANGO: Quote) announced it has exercised the option to purchase certain assets of Microsulis Medical Ltd. Microsulis, based in Denmead, England, is a medical device company specializing in minimally invasive, microwave ablation technology for the coagulation of soft tissue and has systems in more than 80 hospitals world-wide.
As per the terms of the definitive agreement, AngioDynamics will acquire certain assets of Microsulis Medical for an upfront cash payment of $10.0 million, and $5.0 million on December 31, 2013, utilizing cash on hand. AngioDynamics will also assume up to $1 million of liabilities. Microsulis stakeholders could also receive additional cash consideration, based on Microsulis’ performance over the next nine years.
The transaction is expected to be neutral to the company’s fiscal 2013 non-GAAP earnings and accretive to fiscal 2014 non-GAAP earnings. Subject to customary conditions, AngioDynamics expects to close the transaction by the end of January 2013.
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by RTT Staff Writer
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