BTG acquires Irish medical device company Novate Medical

British specialist healthcare company BTG has acquired Irish medical device company Novate Medical in a deal that could go up to $150 million.

Headquartered in Galway, Novate Medical is focused on developing pulmonary embolism treatment devices for patients who are at high risk of venous thromboembolic events.

On the other hand, the London-based BTG develops, manufactures and commercializes specialty pharmaceuticals and interventional medicine for critical care, cancer and varicose veins.

As part of the deal, Novate Medical has been paid $20 million in cash by BTG and stands to earn additional considerations up to $130 million from the British specialist healthcare company if some commercial and sales-related milestones are achieved.

BTG acquires Irish medical device company Novate Medical which develops pulmonary embolism treatment devices. Image courtesy of yodiyim at FreeDigitalPhotos.net

For the record, as on 31 December 2017, Novate Medical had gross assets of €3.6 million and €2.0 million in incurred operating losses for the year ended 31 December 2017.

Recently, Sentry – a bioconvertible inferior vena cava (IVC) filter developed by Novate Medical, had secured 510(k) regulatory clearance in the US.

Louise Makin – BTG CEO, commenting on BTG acquisition of Novate Medical, said: “Novate’s unique IVC filter offers our existing customers a highly complementary product in the management of PE.”

BTG is looking to launch Sentry IVC filter in the second half of FY2018/19 in the US and will sell the pulmonary embolism treatment device through its existing vascular salesforce.

BTG acquisition of Novate Medical is anticipated to be accretive to adjusted EPS from the second full year of ownership, said the British specialist healthcare company.