18th Apr 2019 08:46
LONDON (Alliance News) - Healthcare company BTG PLC on Thursday said product sales were at the upper end of board expectations for its recently ended year.
BTG also expects its acquisition by a subsidiary of Boston Scientific Corp to close midway through 2019.
BTG said product sales for its financial year to March 31 were at the top end of its own forecasts. In terms of units, Oncology & Vascular sales growth was in line with the BTG board's 15% to 17% guidance.
Pharmaceuticals growth was in the double digits, exceeding guidance for low to single digit growth.
BTG said Pharmaceuticals had been boosted by "unusually high sales" of its DigiFab medication, which treats digoxin toxicity. Digoxin is a cardiac medication used to treat conditions such as heart failure and DigiFab treats patients who have taken too much of it.
Licencing revenue was largely unchanged year-to-year, which the company attributed to the launch of "numerous generic versions" of BTG's prostate cancer drug Zytiga in the US from November 2018, which hindered performance.
In February, BTG's shareholders approved a cash offer from Bravo Bidco Ltd, a subsidiary of Boston Scientific Corp. Boston Scientific, a US medical device maker, will buy BTG for GBP3.3 billion, paying 840 pence for every BTG share.
"The board continues to anticipate that the acquisition, which remains subject to the satisfaction or waiver of certain conditions, will close around the middle of the 2019 calendar year," said BTG.
Shares in BTG were down 0.1% at 833.00 pence on Thursday morning.