28th Aug 2009 07:00
BTG Sells HySolv™ Technology to Major Pharmaceutical Company
London, UK, 28 August 2009: BTG plc (LSE: BGC), the specialty pharmaceuticals company, today announces the sale of its HySolv™ drug delivery technology to Novartis Pharma AG for an initial payment of US$0.75m and potential additional future milestone payments of up to US$9.25m. Under the terms of the agreement, Novartis acquires all of the patent rights and know how with respect to the HySolv™ drug delivery technology.
HySolv™ was developed by Protherics Salt Lake City Inc. (formerly MacroMed, Inc.) from a patented solvent technology platform for solubilising hydrophobic drugs in a hydrophilic environment. BTG acquired Protherics in December 2008.
Louise Makin, BTG's chief executive officer, commented: "We are pleased to have reached agreement to sell the HySolv™ technology to Novartis. This is in line with our goal of realising value from all of the group's assets, while continuing to build value in our development pipeline and establishing our US sales and marketing operations."
For further information contact:
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BTG |
Financial Dynamics |
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Andy Burrows, Director of Investor Relations +44 (0)20 7575 1741; mobile: +44 (0)7990 530605 Rolf Soderstrom, Chief Financial Officer +44 (0)20 7575 0000 |
Ben Atwell +44 (0)20 7831 3113 |
About BTG
BTG is an international specialty pharmaceuticals company that is developing and commercialising products targeting critical care, cancer, neurological and other disorders. The company is also seeking to acquire new products to develop and market to hospital specialists, and is building a sustainable business financed by revenues from sales of its critical care products and from royalties and milestone payments on partnered products. For further information, visit: www.btgplc.com.
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