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Angiotech buys Quill to integrate suture business

This article was originally published in The Gray Sheet

Executive Summary

Angiotech acquires Quill Medical for $40 mil. May 25. Vertical integration of minimally invasive wound closure device maker Quill follows closely on the heals of Angiotech's purchase of Quill distributor American Medical Instruments. AMI was acquired by Angiotech in March for $785 mil. as part of a strategy to expand direct device sales and become less reliant on royalty-based partnerships. AMI's Surgical Specialties unit markets privately held Quill's 510(k)-cleared Contour Thread, a self-anchoring polypropylene suture technology for minimally invasive "face lift" procedures, under a 2004 agreement. Angiotech plans to develop the Contour technology for use in additional aesthetic and general surgical applications. Angiotech notes it does not expect Quill to "materially impact" corporate sales in 2006 or 2007. With the AMI purchase, Angiotech forecasts total 2006 revenue of $325 mil. to $335 mil. - including nine months of AMI sales - and total 2007 revenue of $400 mil. to $425 mil...

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