UK-based healthcare company BTG has acquired Irish medical devices maker Novate Medical to bolster its position in the vascular market.
BTG has made a cash payment of $20m to Novate. As part of the deal, Novate is also eligible to receive an additional $130m if it manages to achieve select commercial and sales-related milestones.
Novate portfolio consists of a bioconvertible inferior vena cava (IVC) filter, called Sentry, which is designed to prevent pulmonary embolism (PE) in patients who are at high risk of venous thromboembolic events.
The device features a bioconversion capability, eliminating the requirement to carry out an interventional procedure for its retrieval.
Sentry has 510(k) regulatory clearance from the US Food and Drug Administration (FDA).
In a clinical trial, the device did not show any new symptomatic PE and evidence of device migration, tilt, fracture, perforation, embolisation or complications seen with certain IVC filters.
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The company plans to commercially launch Sentry in the US market in the second half of fiscal year 2018/2019.
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.”
This acquisition follows the company’s acquisition of US-based cardiovascular speciality catheter makers Roxwood Medical last year.
Roxwood Medical developed CenterCross, CenterCross, Ultra and MultiCross anchoring catheters, along with MicroCross microcatheters to address complex lesions and arterial blockages in patients with severe coronary and peripheral artery disease.