FIFTH AGREEMENT TO AMEND THE FLOATING RATE NOTE SUPPORT AGREEMENT

EXHIBIT 10.1

FIFTH AGREEMENT TO AMEND THE FLOATING RATE NOTE SUPPORT AGREEMENT

THIS FIFTH AMENDMENT is made as of this 7th day of February 2011.

WHEREAS, (a) Angiotech Pharmaceuticals, Inc. (“Angiotech”), (b) the entities listed in Schedule A (together with Angiotech, the “Companies” and each a “Company”), and (c) each of the other Consenting Noteholders party hereto, each Consenting Noteholder being a holder of and/or investment advisor or manager with investment discretion over Floating Rate Notes, executed a Floating Rate Note Support Agreement dated as of October 29, 2010 concerning the principal aspects of an Exchange of Floating Rate Notes (as amended by the First Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment, the “Support Agreement”);

AND WHEREAS, pursuant to Section 15(n) of the Support Agreement, the Support Agreement may be modified, amended or supplemented as to any matter by an instrument in writing signed by the Companies and Consenting Noteholders that represent not less than a majority of the outstanding Floating Rate Notes;

AND WHEREAS, the Consenting Noteholders representing not less than a majority of the aggregate principal amount of outstanding Floating Rate Notes executed an Agreement to Amend the Floating Rate Note Support Agreement dated as of November 29, 2010 (the “First Amendment”);

AND WHEREAS, the Consenting Noteholders representing not less than a majority of the aggregate principal amount of outstanding Floating Rate Notes executed a Second Agreement to Amend the Floating Rate Note Support Agreement dated as of December 15, 2010 (the “Second Amendment”);

AND WHEREAS, the Consenting Noteholders representing not less than a majority of the aggregate principal amount of outstanding Floating Rate Notes executed a Third Agreement to Amend the Floating Rate Note Support Agreement dated as of January 11, 2011 (the “Third Amendment”);

AND WHEREAS, the Consenting Noteholders representing not less than a majority of the aggregate principal amount of outstanding Floating Rate Notes executed a Fourth Agreement to Amend the Floating Rate Note Support Agreement dated as of January 27, 2011 (the “Fourth Amendment”);

AND WHEREAS, the Consenting Noteholders party to this fifth amendment (the “Fifth Amendment”) wish to further amend the Support Agreement in the manner set out in this Fifth Amendment;

AND WHEREAS, the Consenting Noteholders party to this Fifth Amendment collectively hold and/or exercise investment discretion over not less than a majority of the Floating Rate Notes;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Companies and the Consenting Noteholders party hereto hereby agree as follows:

Capitalized Terms that are used but not otherwise defined herein shall have the meanings ascribed thereto in the Support Agreement.

Each Consenting Noteholder party to this Fifth Amendment hereby represents and warrants, severally and not jointly, to each of the other parties to this Fifth Amendment (and acknowledges that each of the other parties to this Fifth Amendment is relying upon such representations and warranties) that as of the date hereof: (a) it either (i) is the sole legal and beneficial owner of the principal amount of Floating Rate Notes disclosed to Goodmans LLP (“Goodmans”) as of such date, or (ii) has the investment and voting discretion with respect to the principal amount of Floating Rate Notes disclosed to Goodmans as of such date; (b) it has the power and authority to bind the beneficial owner(s) of such Floating Rate Notes to the terms of this Fifth Amendment; and (c) it has authorized and instructed Goodmans to advise Angiotech, in writing, of the aggregate amount of Floating Rate Notes held by the Consenting Noteholders that are party to this Fifth Amendment.

The Support Agreement is hereby amended by deleting the reference to “February 7, 2011” in Section 5(d) of the Support Agreement and replacing it with “February 10, 2011”.

Except as expressly modified by the terms of this Fifth Amendment, the terms and conditions of the Support Agreement shall continue to apply in full force and effect, unamended.

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This Fifth Amendment has been agreed and accepted on the date first written above.