Heathcare company BTG (BTG.L) Thursday said it has entered into an agreement to buy EKOS Corporation, an interventional vascular business, on a debt free, cash free basis. BTG will initially pay cash of approximately $180 million and subsequently up to $40 million as milestone payments. The company further said it has agreed to buy the Targeted Therapies division of Nordion, Inc. for a total cash consideration of approximately $200 million.
Closing of the EKOS Acquisition is conditional on Hart-Scott-Rodino approval in the US while the Targeted Therapies Acquisition is subject to approval from BTG shareholders.
EKOS Corporation owns, manufactures and distributes the EkoSonic Endovascular System, a differentiated interventional product using a locoregional approach in the treatment of severe blood clots. EkoSonic is cleared for use in the US and EU. The company recorded net product sales of $28 million for the year ended December 31.
Targeted Therapies is focused on utilising Therasphere for targeted interventional treatment of liver cancer. The company posted revenue of $48 million for the year ended October 31.
Both the acquisitions are expected to be funded in part from BTG existing cash resources, with the balance being funded by part of the net proceeds of a placing of up to approximately 32.8 million new shares, representing up to 9.99 per cent. of the BTG's existing issued ordinary share capital, announced separately today.
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