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Specialist healthcare company BTG to acquire US cancer experts for £75.9m

London-based healthcare company BTG plc have announced that they are to acquire US cancer therapy firm Galil Medical for an initial consideration of $84.5m (approx. £58.3m).

In a statement to the London Stock Exchange this morning, the specialist medical company announced that the deal, which will be funded through the firm’s existing cash reserves, will see it taking advantage of Galil’s range of products focused on the treatment and palliative care of kidney and other cancers.

Massachusetts-based Galil currently employ over 100 employees and drew global revenues of over $22m (approx. £15.1m) last year. Its products are focused on cryoblation, a technique which uses extreme cold to destroy or damage tissues.

The initial $84.5m (approx. £58.3m) could be topped up by a further $25.5m (approx. £17.6m) drawn from ‘future regulatory and commercial milestone payments’ up to 31 December 2018.

Louise Makin, BTG’s Chief Executive Officer commented: “This bolt-on acquisition builds on our leadership in Interventional Oncology, expanding our portfolio of minimally invasive therapies with the leading technology in the cryoablation of kidney cancer.

“It also offers significant pipeline opportunities, including lung and bone metastases if regulatory approvals are granted. In addition to enhancing our offering to interventional radiologists, Galil Medical provides access to other specialist physicians that may in future include pulmonary specialists, complementing our existing PneumRx and EKOS businesses.

She added: “Longer term, we are excited by the opportunity to explore the use of our locoregional radiation and cryoablation therapies alongside other developing technologies.”

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