6th May 2016 08:10
LONDON (Alliance News) - Healthcare company BTG PLC on Friday said it has reached a deal worth up to USD110.0 million to acquire US-based kidney cancer treatment company Galil Medical.
FTSE 250-listed BTG will pay an initial cash consideration of USD84.5 million to acquire Galil, plus up to USD25.5 million in future regulatory and commercial milestone payments through to the end of 2018.
Galil is a privately-owned company based in Minnesota which owns, manufactures and sells a portfolio of cryoablation systems and needles used for treating kidney and other types of cancer. In 2015, Galil recorded revenue of USD22 million.
The company's products have indications for the treatment and palliative care of kidney and other cancers in the US, in addition to a number of other users, including urology, BTG said.
"This bolt-on acquisition builds on our leadership in Interventional Oncology, expanding our portfolio of minimally invasive therapies with the leading technology in the cryoablation of kidney cancer. It also offers significant pipeline opportunities, including lung and bone metastases if regulatory approvals are granted," said BTG Chief Executive Louise Makin.
BTG shares were flat at 582.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
BTG