BTG buys Irish med device group Novate

BTG buys Irish med device group Novate

The Galway based medtech start-up Novate Medical has been bought by British healthcare group BTG in deal that could be worth up to $150 million (€128.9m).

BTG produces both drugs and medical devices for diseases such as cancer, vascular, and respiratory conditions, and acquired Novate on the basis of its Sentry, the first bioconvertible inferior vena cava filter, which has been granted regulatory clearance in the US.

BTG plans to launch the device in the U.S.in the second half of its 2018/2019 fiscal year.

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.

Novate's Sentry is a blood filter that is created to trap blood clots, with a goal of reducing the risk of PE.

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"This bolt-on acquisition further enhances BTG's strength in the vascular space", commented the firm's chief executive Louise Makin.

Data from 12 month trials carried with the Sentry found that patients had no symptoms of any new embolisms, or any of the complications associated with other IVC's.

BTG said at the time it is reviewing its options and will provide an update in due course.

Novate raised 4 million euros in Series A funding in 2007 from Enterprise Ireland and ACT Venture Capital, followed by a Series B round of 8.7 million euros in 2011 from the two investors, Seroba Life Sciences and Omnes Capital, according to Crunchbase.

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