BTG builds interventional medicine platform with deals
LONDON May 23 (Reuters) - Britain's BTG said it would make two acquisitions, one extending its expertise in liver cancer and the other a treatment for severe blood clots, to create an interventional medicine business with potential sales of $1 billion.
The company said on Thursday it had agreed to buy the targeted therapies division of Nordion Inc, for about $200 million in a deal that adds Therasphere radioactive glass beads treatment for liver cancer to its chemotherapy beads unit.
It is also buying EKOS Corp for an initial $180 million, and up to $40 million in future payments depending on achieving milestones, to gain an interventional treatment for severe blood clots.
Some of the cost of buying the Nordion unit will come from the placing of 32.8 million new shares, representing just under 10 percent of BTG's share capital.
Chief Executive Louise Makin said the deals would position BTG as a leading player in the rapidly growing interventional medicine market.
"By adding TheraSphere and EkoSonic into our current portfolio of oncology beads and Varisolve (PEM), our board's vision is to create an Interventional Medicine business with potential sales of $1 billion," she said.
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