QUEENSBURY, N.Y.--(BUSINESS WIRE)--AngioDynamics (NASDAQ: ANGO - News), a leading provider of innovative medical devices used by interventional radiologists, nephrologists and surgeons for the minimally invasive treatment of cancer and peripheral vascular disease, today announced that it has entered into asset purchase agreements with Diomed Holdings, Inc., Diomed, Inc. and Diomed Limited for the acquisition of certain assets of Diomed’s business in the United States and United Kingdom. The agreement with Diomed Holdings, Inc. and Diomed, Inc. is subject to an auction process administered by the bankruptcy court, as a result of Diomed's Chapter 11 bankruptcy proceedings, which commenced on March 14, 2008, and other customary closing conditions.
AngioDynamics has agreed to pay $8 million in cash for the assets of Diomed’s U.S. business engaged in the sale of systems for the endovenous laser treatment of varicose veins. In addition, AngioDynamics has agreed to pay $3 million in cash for the assets of Diomed’s U.K. business based in Cambridge, England. Diomed’s U.K. operations manufacture and distribute systems used in the endovenous laser treatment of varicose veins and was placed under the control of a U.K. Insolvency Administrator on March 14, 2008. The offer to purchase Diomed’s U.S. assets is conditioned upon AngioDynamics’ purchase of Diomed’s U.K. assets. The offer to purchase Diomed’s U.K. assets is conditioned upon the entry of an order in the U.S. bankruptcy court authorizing the purchase of the U.S. assets.
press release >> http://biz.yahoo.com/bw/080410/20080410006210.html?.v=1
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