UPDATE 2-AngioDynamics to buy Navilyst Medical for $372 mln

* Says deal will double vascular access market share

* Says acquired tax assets to cut price by about $80 mln

* Says deal to add at least $0.08 to FY13 adjusted EPS

Jan 31 (Reuters) - Medical device maker AngioDynamics said it will buy privately held Navilyst Medical in a $372 million deal that will double its share of the vascular access market.

Vascular access devices are tubes that are surgically implanted into a large vein for extended periods of time and help in blood transfusion and delivering antibiotics and nutrition.

Marlborough, Massachusetts-based Navilyst Medical, which generated sales of $149 million in 2011, was bought by private equity firm Avista Capital Partners from Boston Scientific in 2008.

Its products are used in 76 countries by healthcare providers, including interventional radiologists and cardiologists, oncologists and surgeons, according to the company's website.

AngioDynamics, which drew 70 percent of its fiscal 2011 revenue from vascular devices, said it will fund the deal using $97 million of cash on hand and $150 million from a financing facility from JP Morgan, Bank of America and KeyBank National Association.

The company -- valued at $356.7 million, based on the $14.20 closing price of its shares on the Nasdaq on Monday -- will also issue about 9.5 million shares of its common stock to Avista and two seats on its board of directors, AngioDynamics said.

On present value, acquired tax assets reduce the effective purchase price by about $80 million to $292 million, the company said in a statement.

"The acquisition creates an excellent platform for future revenue and earnings growth, as well as substantial cash flow generation," AngioDynamics Chief Executive Joseph DeVivo said.

The company sees the deal, expected to close by the fourth quarter, to add at least 8 cents a share to its fiscal 2013 adjusted earnings and forecast pro forma net sales of about $360 million for that year.

J.P. Morgan Securities acted as financial advisor to AngioDynamics while Barclays Capital acted as financial advisor to Navilyst Medical.

Sales from the company's vascular devices contributed to 70 percent of the total revenue in 2011 but saw a decline of 6 percent.