AngioDynamics to Acquire Navilyst Medical

January 31, 2012—AngioDynamics, Inc. (Latham, NY) announced that it has entered into a definitive agreement to acquire Navilyst Medical (Marlborough, MA) from Avista Capital Partners (New York, NY), a private equity firm that acquired Navilyst from Boston Scientific Corporation (Natick, MA) in 2008.

Navilyst is a global medical device company with a focus on vascular access, interventional radiology, and interventional cardiology markets. The Navilyst portfolio includes its BioFlo products, which utilize a technology that minimizes the accumulation of thrombus in vascular products such as permanently inserted central catheters (PICCs), ports, and dialysis catheters. The BioFlo PICC is approved for use in Canada and Europe and is pending 510(k) market clearance in the United States. The company's PASV three-way valve technology for ports and PICCs is designed to automatically resist backflow. Navilyst's NAMIC is a fluid management device for use in the cardiac catheterization lab and interventional radiology office settings.

Under the terms of the transaction, which is valued at approximately $372 million, Avista will hold approximately 27% of the outstanding common stock of AngioDynamics and will receive two additional seats on AngioDynamics' existing Board of Directors. The Board of Directors of both companies have unanimously approved the proposed transaction, which is expected to close during AngioDynamics' fiscal fourth quarter ending on May 31, 2012, and is subject to customary closing conditions, antitrust clearances, and the approval of AngioDynamics' shareholders.