MALVERN, Pa.--(BUSINESS WIRE)--Orthovita, Inc. (NASDAQ: VITA), a spine and orthopedic biosurgery company, reported that it has entered into a binding letter of intent to purchase the profit-sharing royalty rights for its VITAGEL™ Surgical Hemostat and CELLPAKER® Collection Device products under its license agreement with Angiotech Pharmaceuticals (US), Inc. Angiotech Pharmaceuticals (US), Inc. is a subsidiary of Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI). VITAGEL is approved for use in conjunction with CELLPAKER. Under the provisions of the binding letter of intent, Orthovita will pay $9.0 million in cash to Angiotech, subject to the satisfaction of financing and other closing conditions and the negotiation and execution of a definitive agreement. The binding letter of intent also provides for the extension of the term of the license agreement from December 31, 2014 through July 2017, which covers the life of the licensed VITAGEL and CELLPAKER patent portfolio.
