{"id":31977,"date":"2019-05-17T11:26:43","date_gmt":"2019-05-17T15:26:43","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=31977"},"modified":"2019-05-17T11:50:17","modified_gmt":"2019-05-17T15:50:17","slug":"angiodynamics-to-sell-its-namic-brand-use-cash-to-reduce-debt-invest-in-its-future","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2019\/05\/angiodynamics-to-sell-its-namic-brand-use-cash-to-reduce-debt-invest-in-its-future\/","title":{"rendered":"AngioDynamics To Sell Its NAMIC Brand, Use Cash To Reduce Debt, Invest In Its Future"},"content":{"rendered":"<figure id=\"attachment_31978\" aria-describedby=\"caption-attachment-31978\" style=\"width: 902px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-31978\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/05\/angiodynamics-hc.jpg\" alt=\"\" width=\"902\" height=\"666\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/05\/angiodynamics-hc.jpg 902w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/05\/angiodynamics-hc-300x222.jpg 300w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2019\/05\/angiodynamics-hc-768x567.jpg 768w\" sizes=\"(max-width: 902px) 100vw, 902px\" \/><figcaption id=\"caption-attachment-31978\" class=\"wp-caption-text\">AngioDynamics has agreed to sell its NAMIC fluid portfolio to Medline Industries Inc.<br \/>Courtesy AngioDynamics<\/figcaption><\/figure>\n<p>AngioDynamics Inc., a provider of innovative, minimally invasive medical devices for oncology, vascular access, and peripheral vascular disease, has entered into an agreement to sell its NAMIC fluid management portfolio to Medline Industries Inc. for $167.5 million.<br \/>\nThe transaction consists of AngioDynamics\u2019 NAMIC brand and its extensive offering of manifolds, contrast management systems, closed fluid systems, guidewires, disposable transducers, and interventional accessories. Additionally, AngioDynamics\u2019 primary Glens Falls manufacturing facility, including all related manufacturing jobs and the sales and marketing teams that support the NAMIC business, will be acquired by Medline as part of the transaction.<!--more--><br \/>\nThe sale is subject to customary closing conditions including antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.<br \/>\nOfficials said that upon completion of the transaction, AngioDynamics intends to use the net cash proceeds of approximately $160 million to pay down all outstanding debt. The cash balance of approximately $74 million will be used to support strategic investments in the company\u2019s existing portfolio to drive enhanced growth and future profitability.<br \/>\nThe agreement \u201cmarks another important chapter in the transformation of AngioDynamics,\u201d said Jim Clemmer, president and chief executive officer of AngioDynamics. \u201cOver the past three years, we have streamlined our manufacturing operations and made significant improvements to our research and development process, enabling us to develop high-quality, innovative medical devices for our customers.<br \/>\n\u201cThese actions, combined with our ongoing portfolio optimization efforts, including today\u2019s announced transaction with Medline, provide us with the foundation to drive sustainable and increased top-line growth and deliver high-quality new therapies that address unmet patient needs. We are excited that this strategic transaction will enable us to accelerate highly-focused investments in our key therapeutic areas including oncology and thrombus management.\u201d<br \/>\nHe added, \u201cThrough this acquisition, Medline gains a deeply experienced and dedicated workforce with a strong commitment to delivering high-quality, dependable devices that clinicians trust to provide the best patient care. We are pleased that Medline, an industry-leading manufacturer and distributor, is acquiring the NAMIC portfolio, and we welcome the Medline team to the vibrant business community of \u2018Catheter Valley\u2019.\u201d<br \/>\n\u201cThe NAMIC Fluid Management business is a natural fit with our world-class portfolio of medical devices and supplies. Medline\u2019s scale and extensive kitting operations are sure to drive more momentum for NAMIC products and deliver opportunities for efficiency for customers,\u201d said Charlie Mills, chief executive officer of Medline. \u201cWe have been very impressed with the quality of the products and the team behind them, and Medline intends to maintain manufacturing in Glens Falls. We look forward to joining the local business community and growing the business in the coming years.\u201d<br \/>\nBarclays is serving as financial advisor, and Cadwalader, Wickersham &amp; Taft is serving as legal advisor to AngioDynamics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AngioDynamics Inc., a provider of innovative, minimally invasive medical devices for oncology, vascular access, and peripheral vascular disease, has entered into an agreement to sell its NAMIC fluid management portfolio to Medline Industries Inc. for $167.5 million. The transaction consists of AngioDynamics\u2019 NAMIC brand and its extensive offering of manifolds, contrast management systems, closed fluid [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":31978,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>AngioDynamics To Sell Its NAMIC Brand, Use Cash To Reduce Debt, Invest In Its Future - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2019\/05\/angiodynamics-to-sell-its-namic-brand-use-cash-to-reduce-debt-invest-in-its-future\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"AngioDynamics To Sell Its NAMIC Brand, Use Cash To Reduce Debt, Invest In Its Future - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"AngioDynamics Inc., a provider of innovative, minimally invasive medical devices for oncology, vascular access, and peripheral vascular disease, has entered into an agreement to sell its NAMIC fluid management portfolio to Medline Industries Inc. for $167.5 million. 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