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 paid $20 million in cash up front for Novate and could have to pay additional cash considerations worth $130 million if certain sales milestones and retail conditions are met.
Novate has developed a medical device called Sentry, a filter which prevents blood clots from travelling though veins and arteries and causing blockages known as Pulmonary Embolisms (PE).
Called an Inferior Vena Cava (IVC) filter, the advantage of Sentry is that it is the first ‘bioconvertible’ IVC, meaning it breaks down harmlessly in the bloodstream.
This means there’s no need for any further surgery to remove the device when its completed its function.
Speaking about the acquisition, CEO of BTG 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.”
Novate was founded by entrepreneurs Chas Taylor and Paul Gibson, and is headquartered at Galway Technology Park in Ballybrit.
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 plans to launch Sentry in the U.S, where it recently acquired regulatory clearance, sometime in the second half of this fiscal year.