Angiotech to acquire Afmedica

By Jennifer Chiou

New York, Sept. 13 - Angiotech Pharmaceuticals, Inc. said it entered into an agreement to acquire Afmedica, Inc.

"This acquisition will extend our research and product development platform in a variety of applications," said Rui Avelar, Angiotech senior vice president of medical affairs and communications, in a news release.

"It also enhances Angiotech's drug-eluting Vascular Wrap program."

Angiotech said it expects to complete the acquisition in the fourth quarter.

Afmedica develops products to prevent the excess scarring that can occur inside blood vessels following vascular surgery focused around the drug rapamycin.

Vancouver, B.C.-based Angiotech is a specialty pharmaceutical company concentrating on drug-coated medical devices and biomaterials. It sells coronary stent systems incorporating paclitaxel for coronary artery disease.

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