AngioDynamics, RITA complete merger

By Jennifer Chiou

New York, Jan. 29 - AngioDynamics, Inc. and RITA Medical Systems, Inc. announced the close of their merger.

As a result of the merger, each share of RITA common stock was converted into the right to receive 0.1772 of a share of AngioDynamics and 51.5 cents in cash.

The terms of the agreement were based on the average closing price of AngioDynamics stock for the 10 trading days ended on Jan. 24. RITA stock will cease to trade on the Nasdaq Global Market on Monday.

The closing of the merger was conditioned upon approval from RITA stockholders at a Jan. 29 meeting as well as approval from AngioDynamics shareholders for the share issuance.

"This business combination is about growth, leadership and long-term value creation. AngioDynamics now stands as a leader in serving the needs of interventional radiologists, surgeons and other medical specialties with a compelling product portfolio of exciting technologies," said Eamonn P. Hobbs, president and chief executive officer of AngioDynamics, in a news release.

AngioDynamics is a Queensbury, N.Y.-based medical device company. RITA is a Fremont, Calif., medical device company focused solely on cancer therapies.

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