Angiotech to retain $10 million after cash distribution to shareholders

VANCOUVER – Angiotech Pharmaceuticals, Inc., a Vancouver-based company that formerly traded on the Toronto Stock Exchange, says it will distribute most of its cash to shareholders and employees. The Vancouver-based company will distribute $6 per common share or restricted share unit, or about $80 million, and retain about $10 million. The company, once a profitable Canadian biotechnology developer, restructured under court protection and currently has no debt.

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