Corporate Partners
Boston Scientific Corporation
Boston Scientific Corporation (BSC) of Natick, Massachusetts, is a multibillion dollar firm traded on the NYSE and is the world's largest medical device company dedicated to less-invasive therapies. The Company's products are used in a broad range of interventional medical specialties, such as interventional cardiology, interventional radiology, peripheral vascular and neurovascular procedures, oncology, vascular surgery, endoscopy, urology and gynecology procedures.
BSC acquired worldwide exclusive rights from Angiotech to use paclitaxel in connection with its coronary stent products and has co-exclusive rights to certain other vascular and non-vascular products. BSC launched its TAXUS® stent in Europe and other international markets in February 2003 and in the United States in March 2004.
Cook Incorporated
Privately-owned Cook Incorporated of Bloomington, Indiana is a leading provider of minimally invasive medical devices used worldwide by medical professionals in interventional radiology and cardiology, general surgery and critical care medicine. In 1997, Angiotech entered into a license agreement with Cook, whereupon Cook became a co-exclusive licensee of our proprietary paclitaxel technology for use in certain coronary and peripheral vascular fields of use. This agreement provided for payment of certain product development milestones, as well as royalties to be derived from the sales of any products commercialized by Cook relating to the licensed technology. The technology licensed by Cook through this agreement is incorporated in Cook's proprietary ZILVER® PTX™ peripheral vascular stent product candidate, which is currently undergoing human clinical trials.
In September 2004, Angiotech amended the 1997 License Agreement to accommodate Cook's election to exit and return all licensed rights related to the coronary vascular field and to focus on the development of paclitaxel-eluting peripheral vascular and gastrointestinal stents. The 1997 License Agreement was amended to increase the royalty rate upon the commercial sale of paclitaxel-eluting peripheral vascular stent products; and to provide a multi-year extension to the 1997 License Agreement for Cook related to the peripheral vascular and gastrointestinal fields of use. In consideration for these amendments, we made a $25.0 million license payment to Cook upon execution of the amendment, which is being amortized over the estimated life of the future benefit of ten years.
Baxter Healthcare Corporation
Baxter Healthcare Corporation of Deerfield, Illinois, is a leader in the field of biosurgery with a well-established global sales force and is uniquely positioned to optimize the delivery of surgical products to the physicians and patients.
In March 2009 Angiotech completed an Amended and Restated Distribution and License Agreement with Baxter. As consideration for the Agreement, Angiotech received $25 million. Angiotech and Baxter initially entered into a Distribution and License Agreement in 2003 relating to certain intellectual property for Angiotech's COSEAL® surgical sealant. The Distribution and License Agreement entitled Baxter to market and sell COSEAL worldwide (excluding Japan), from which Angiotech has derived royalty revenue from Baxter. The Distribution and License Agreement also gave Baxter an option for distribution rights in Japan.
As a result of this transaction, Baxter obtained worldwide rights to COSEAL and certain additional fields of use for COSEAL, and expanded worldwide rights to COSEAL derivatives. Baxter owes no further royalty or milestone obligations to Angiotech relating to the existing formulation of COSEAL or any future products under the terms of the Amended and Restated Distribution and License Agreement.
Orthovita
Orthovita, Inc. is a specialty orthopedics company that develops and markets synthetic biomaterials for use in fracture repair and orthopedic trauma, spine surgery including spinal fusion, repair of osteoporosis-related fractures of the spine and other orthopedic applications. Orthovita's products represent fully synthetic alternatives to the use of autograft or cadaver-derived bone material in orthopedic and spine surgery.
In June 2004, Angiotech entered a North American sales and distribution agreement for its VITAGEL™Surgical Hemostat with Orthovita. Angiotech also made a US$25 million equity investment in Orthovita. In October 2005, Angiotech agreed to transfer manufacturing rights for VITAGEL to Orthovita and will receive royalties on future end-user sales of VITAGEL by Orthovita. Angiotech has retained all development and commercial rights for drug-loaded versions of this product.
In December 2006, we entered into an Amended and Restated License Agreement and Royalty Sale Agreement under which we received a lump sum payment in lieu of future royalty payments.