Merrill Lynch keeps Angiotech at neutral

Angiotech Pharmaceuticals Inc. was maintained by Merrill Lynch analyst Hari Sambasivam at a neutral rating after third-quarter results were in line with estimates, including $49.4 million in revenues versus a $48.9 million estimate and $45.1 million in Taxus sales versus estimates of $44.5 million. The company announced the acquisition of the Lifespan ePTFE vascular graft business from Edwards Lifesciences for $14 million, and completed the acquisition of Afmedica during the quarter, which adds a second drug, rapamycin, to its portfolio of perivascular technologies. The company also entered a license and research collaboration agreement with CombinatoRx to develop novel drug combinations. Shares of the Vancouver, B.C.-based pharmaceutical company were down $0.31, or 2.16%, at $14.05 on volume of 589,828 shares versus the three-month running average of 528,020 shares.

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