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J&J unit acquires certain IP associated with Angiotech's wound closure products; companies establish related supply agreement

Thursday, April 05 2012 | Comments
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Angiotech Pharmaceuticals Inc. sold certain intellectual property (IP) associated with its Quill wound closure products to Ethicon Inc., a unit of Johnson & Johnson Inc., and its affiliates.

In exchange for the IP, Ethicon will make an initial payment of approximately $20 million to Angiotech. In addition, Angiotech could earn as much as approximately $42 million more in contingent cash consideration, portions of which are to be paid upon the transfer to Ethicon of certain "know-how" and upon the achievement of certain product development and launch milestones.

Angiotech will retain worldwide rights to manufacture, market and sell Quill wound closure products.

Along with the IP-related transaction, Ethicon and Angiotech entered into a manufacturing and supply agreement, whereby Angiotech will exclusively manufacture for Ethicon, for an undisclosed term, knotless wound closure products that use the Quill technology.

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