Shanghai Kinetic Medical, a medical equipment company, which acquired an 80% stake in Jiangsu Ideal Medical Science & Technology in November 2013, has now acquired the remaining 20% stake in the company.
Ideal is a medical technology company specialised in developing and manufacturing implant materials, artificial organs, and orthopaedics surgical instruments.
Global specialist healthcare provider, BTG has announced an agreement with Galil Medical, a provider of cryotherapy solutions for the treatment and palliative care of kidney and other cancers based in Minnesota, US.
Under the terms of the agreement, BTG will acquire Galil Medical for a purchase consideration of approximately $110m, of which $84.5m will be paid in cash. The remaining $25.5m will be paid in future regulatory and commercial milestone payments up to 31 December 2018.
BTG will use its existing cash resources for funding the acquisition, which is expected to close before the end of June 2016.
The acquisition will help BTG to expand its portfolio of minimally invasive therapies, the technology in the cryoablation of kidney cancer and its expertise in interventional oncology.
Ergomed, a drug development services provider based in the UK, has announced that it will acquire 100% of the issued share capital of Haemostatix Limited, a biopharmaceutical company specialising in blood coagulants.
The purchase consideration for the transaction is £28m ($50m), of which £8m ($11.7m) will be the initial amount to be paid at closing. The remaining £20m, of which £4m ($6m) will be paid at the start of Phase III trials and £16m ($23.4m) will be sales-based milestone payments.
Through this acquisition, Ergomed will advance its co-development pipeline and expand its services business.
Stifel Nicolaus Europe Limited and Numis Corporation are the advisors for the deal.
Ergomed has also announced that it will raise gross proceeds of £9m ($13.2m) in private placement of 6,433,350 shares at a price of £1.4 ($2.04) per share.
The net proceeds of the placement will be used to pay the initial cash consideration and debt repayments as part of the acquisition and to support Haemostatix’s two lead products.
Image: A piece of equipment used during cryotherapy. Photo: courtesy of Warfieldian Wikipedia