Interventional technology developer Cook has restructured its license agreement for drug-eluting medical devices with Angiotech, accommodating Cook's decision to focus its product developments efforts on peripheral vascular and gastrointestinal drug-eluting medical devices.
Under the terms of the agreement, Angiotech will pay Cook $25 million and grant the company the right to use distributors for licensed products. In exchange, Bloomington, IN-based Cook has agreed to a termination of its rights under the agreement in the coronary vascular field of use. Angiotech has also granted Cook a multiyear extension in the peripheral vascular and gastrointestinal areas.
By AuntMinnie.com staff writers
September 24, 2004
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