Healthcare firm BTG has acquired Ireland-based medical device firm Novate Medical in a deal valued at around $150m.
Novate Medical is engaged in the development of solutions for the prevention of pulmonary embolism (PE) in patients at high risk of venous thromboembolic events.
The company has developed Sentry bioconvertible inferior vena cava (IVC) filter, which secured 510(k) clearance from the US Food and Drug Administration (FDA).
According to the company, the Sentry’s 12 month clinical study data showed no new symptomatic PE and no evidence of device migration, tilt, fracture, perforation or embolization and complications associated with some other IVC filters.
Sentry IVC filter’s bioconversion feature enables to avoid the requirement of an additional interventional procedure to retrieve the device.
BTG is planning to introduce Sentry IVC filter in the US in the second half of this year, and will market the device with the support of its existing vascular sales force.
BTG CEO Louise Makin said: “This bolt-on acquisition further enhances BTG’s strength in the vascular space.
“Novate’s unique IVC filter offers our existing customers a highly complementary product in the management of PE.”
Under the deal, BTG has paid $20m to acquire the Irish firm, and will pay additional cash considerations up to $130m based on the achievement of certain commercial and sales-related milestones.
BTG, which is mainly focuses on interventional medicine, is engaged in the development of products for the treatment of cancer, vascular conditions and severe emphysema.
The company’s interventional oncology products will be used in minimally invasive procedures for the treatment or providing symptomatic relief for people with cancer and benign tumours.
In August this year, the US Food and Drug Administration has rejected healthcare firm BTG’s Elevair endobronchial coil system to treat severe emphysema.
The FDA has rejected PneumRx’s premarket Approval (PMA) application for the endobronchial coil system to treat of people with severe emphysema.
Elevair endobronchial coil system has been developed to provide a minimally invasive approach to lung volume reduction with the support of novel technology.