LONDON (Alliance News) - FTSE 250-listed healthcare group BTG PLC said on Monday it has acquired medical device company Novate Medical Ltd for USD20 million in cash.
BTG said it may be required to make additional payments of up to USD130 million if certain commercial and sales-related milestones are met.
Novate is focused on the prevention of pulmonary embolism, the blockage of an artery in the lungs, and to this end has developed Sentry, a device used to filter the inferior vena cava, a vein in the body that carries blood to the heart.
Sentry was recently granted regulatory clearance in the US, and BTG plans to launch the product in the second half of the financial year ending March 31, 2019, through its vascular sales force.
"This bolt-on acquisition further enhances BTG's strength in the vascular space. Novate's unique IVC filter offers our existing customers a highly complementary product in the management of pulmonary embolism," said Chief Executive Officer Louise Makin.
