Specialist healthcare firm BTG has signed an agreement to purchase PneumRx, a growing firm focused on interventional pulmonology for $475m in a debt-free deal.

The company will make an initial cash payment of $230m and up to $245m in milestone payements.

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BTG said PneumRx had potential annual sales of more than $250m and was expected to improve earnings from the fourth year.

The acquisition will partly be funded through a $235m share placement.

BTG, known for treating rattlesnake bites, is expanding into lung care with the acquisition of PneumRx, whose flagship product is RePneu Coil, designed to prop open airways.

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"BTG’s interventional medicine unit reported sales of $150m, which will grow to $175m following closure of the deal in early 2015."

RePneu is sold in 11 countries in Europe including Germany, Switzerland, Italy and Spain and is awaiting US approval, which PneumRx expects in 2016.

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BTG’s interventional medicine unit reported sales of $150m, which will grow to $175m following closure of the deal in early 2015.

CEO of BTG Louise Makin said: "PneumRx brings a differentiated, clinically proven product that can make a real difference to the lives of people with advanced emphysema, for which there are limited current treatment options.

"It also gives us access to a third potentially high-growth area of interventional medicine, interventional pulmonology.

"With an annual sales potential of over $250 million, PneumRx is a significant addition to BTG that enhances our portfolio and leadership in interventional medicine."

Emerging from former state-owned British Technology Group, BTG grew into a business that focuses on specialty pharmaceuticals and interventional medicine, reports Reuters.