Interventional device developer AGA Medical of Minneapolis has reached an agreement with medical products distributor BVM of Hinckley, U.K., to terminate its distribution contract.
Terms of the deal include an unspecified up-front payment followed by three milestone payments tied to sales of AGA products in the former sales territory during the next three years, AGA Medical said. The agreement also provides for support during a transition period while AGA expands the operations of its wholly owned subsidiary Amplatzer Medical UK. In addition, AGA has also agreed to hire some members of the BVM sales team that serviced hospital customers in the U.K.
By AuntMinnie.com staff writers
August 24, 2006
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