Angiotech gets $25M under new Baxter Coseal deal
Canada's Angiotech Pharmaceuticals will receive $25.0 million from US health care firm Baxter International after completing an amended and restated distribution and license agreement.
The companies initially entered into an agreement in 2003 relating to intellectual property for Angiotech's Coseal surgical sealant. The deal entitled Baxter to market and sell the product worldwide (excluding Japan), from which Angiotech has derived royalties. The deal also gave Baxter an option for distribution rights in Japan.
As a result of this transaction, Baxter will obtain worldwide rights to Coseal and certain additional fields of use, and expanded global rights to its derivatives.
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