Angiotech rated at neutral by Merrill

Angiotech was given a neutral rating by Merrill Lynch analyst Hari Sambasivam on news that the company agreed to acquire American Medical Instruments Holdings for $785 million. Angiotech will fund the purchase using existing cash and a term loan of $600 million. Management estimates the combined company will have $160 million cash remaining after closing the acquisition. Shares of the Vancouver, B.C., pharmaceutical company were up $1.70, or 11.97%, at $15.90 on volume of 435,715 shares versus the three-month running average of 186,209 shares. (Toronto: ANP)

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