Specialist healthcare group BTG has snapped up med tech group Novate Medical in a deal potentially worth $150 million.
Novate, which is headquartered in the Republic of Ireland, is focused on medical devices that help prevent of pulmonary embolism (PE) in patients at high risk of venous thromboembolic events.
The group has developed Sentry, the first bioconvertible inferior vena cava (IVC) filter, which in clinical trials showed no new symptomatic PE and no evidence of device migration, tilt, fracture, perforation or embolisation, complications which have been associated with some other IVC filters.
The unique bioconversion feature eliminates the need for an additional interventional procedure to retrieve the device, according to the press release.
London, UK-based BTG said it plans to launch Sentry in the US in the second half of 2018/19 and will sell the device through its existing vascular sales force.
“This bolt-on acquisition further enhances BTG’s strength in the vascular space,” commented the firm’s chief executive Louise Makin. “Novate’s unique IVC filter offers our existing customers a highly complementary product in the management of PE.”
Under the terms of the deal, BTG has already paid $20 million in cash to acquire Novate but could pay out and an extra $130 million if certain commercial and sales-related milestones are met.