Novate Medical, a medical device company based in Galway, has been acquired by BTG in a deal worth up to $150m.

The acquisition involved a payment of $20m in cash, with further payments of up to $130m if agreed commercial targets are hit.

Novate was founded by Chas Taylor and Paul Gilson in 2006. The company designs biodegradable blood-vessel filters that trap blood clots and prevent them from blocking arteries in the lungs (pulmonary embolism). Novate’s Sentry filter was recently approved for use in the US.

BTG is a British healthcare group with products used for treating cancer, vascular treatments and emphysema. BTG’s pharmaceuticals business provides products that help patients overexposed to certain medications or toxins.

The firm said that it plans to launch Novate’s Sentry filter in the US in through its existing vascular products sales channels.

In Association with

“This bolt-on acquisition further enhances BTG’s strength in the vascular space,” said Louise Makin, CEO of BTG. “Novate’s unique IVC filter offers our existing customers a highly complementary product in the management of PE.”

According to Novate Medical’s 2016 account filings, the company had accumulated losses of €37m. It recorded an operating loss of €2m last year.

The firm’s 2016 balance sheet also disclosed equity invested of €17m.

In 2018, ACT Venture Capital featured among several backers who collectively invested a further €9.5m into Novate Medical.