Angiotech acquires California -based Cohesion

Vancouver’s Angiotech Pharmaceuticals Inc has announced its intention to acquire Cohesion Technologies Inc, Palo Alto CA, in an all stock merger transaction worth US$42 million. The deal is expected to close by Q1/03, creating a major player in the emerging field of bioactive devices and implants. Cohesion (formerly Collagen Corp) brings to the merger a portfolio that includes four biomaterials and three approved products involving composites, sealants and adhesives. It also has strong R&D capabilities, regulatory and clinical experience and a specialized US sales force. The merger is expected to dramatically accelerate Angiotech’s product development pipeline, which focuses on medical device coatings and treatments for chronic inflammatory disease through reformulation paclitaxel, an anticancer drug....