BRITISH COLUMBIA

Angiotech to retain $10 million after cash distribution to shareholders

05/31/2013 10:24 EDT | Updated 07/31/2013 05:12 EDT
VANCOUVER - Angiotech Pharmaceuticals, Inc. says it will distribute all but $10 million of its cash to shareholders and employees.

The company will distribute $6 per common share or restricted share unit.

It didn't say how much would be distributed in total but, according to documents filed previously with regulators, Angiotech had about 12.5 million common shares and 760,000 RSUs outstanding at the end of March.

That would mean about $79.8 million of Angiotech's cash will be distributed as a return of capital.

The company, once a profitable drug developer listed on the Toronto Stock Exchange, recently restructured under court protection and currently has no long-term debt.