Angiotech gets $25M under new Baxter Coseal deal

2 April 2009

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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