Angiotech to acquire Quill Medical for $40 million

By Lisa Kerner

Erie, Pa., May 25 - Angiotech Pharmaceuticals, Inc. said it has agreed to acquire privately held Quill Medical, Inc., a provider of aesthetic surgery and wound closure technology, for $40 million in cash, plus certain future contingent payments based on product revenues.

The deal, expected to close in the third quarter, provides Angiotech with all of Quill's technology and intellectual property, including its Contour Threads, product line. The self-anchoring sutures are currently marketed and sold by Angiotech's Surgical Specialties division for use in minimally invasive face lift procedures.

Angiotech said it plans to further develop Quill's technologies for all medical applications where sutures are commonly used, including general surgery, wound closure and specialty tissue repair applications.

"This acquisition allows us to capitalize on all of the exciting potential applications of Quill's technology across all fields, which will benefit our growing aesthetic surgery and wound closure franchises," the president of the surgical specialties division, Peter Molinaro, said in a company news release.

"We look forward to rapidly developing these applications and getting them quickly into the hands of our growing sales and distribution network."

Vancouver, B.C.-based Angiotech is a specialty pharmaceutical and medical device company.

Quill is a medical device company located in Research Triangle Park, N.C.

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