10 September 2018
McCann FitzGerald advises BTG plc on Acquisition of Novate Medical Ltd.
We advised BTG plc, the global specialist healthcare company, on its acquisition of Novate Medical Ltd. Novate is a medical device company concentrating on the prevention of pulmonary embolism (PE) in patients at high risk of venous thromboembolic events.
Novate has developed a device called Sentry which is the first bioconvertible inferior vena cava (IVC) filter that has been recently granted 510(k) regulatory clearance in the US. The recent acquisition will see BTG launch the device in the US and sell it through its existing vascular sales force in the second half of FY2018/19.
The acquisition totalled $20m in cash and BTG may be required to pay an additional $130m in cash considerations if certain commercial and sales-related milestones are met.