British specialist healthcare company BTG has announced that it has entered into an agreement to acquire Galil Medical, a global leader in delivering innovative cryotherapy solutions for kidney and other cancers. The deal is said to be worth up to $110 million.
Galil Medical owns, manufactures and sells a portfolio of cryoablation systems and needles including Visual-ICE — a minimally invasive, easy-to-use system to precisely destroy solid tumor cancers of the kidney, lung, bone, liver and prostate.
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“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, ” said Louise Makin, BTG’s CEO.
In the US, Galil Medical’s products are indicated for the treatment and palliative care of kidney and other cancers, in addition to a number of other uses, including in urology. Galil Medical is presently conducting two clinical studies, both nearing completion, that could lead to US regulatory clearance for use in lung metastases and bone metastases.
“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. Longer term, we are excited by the opportunity to explore the use of our locoregional radiation and cryoablation therapies alongside other developing technologies, ” said Makin.
BTG said in a press release that it will acquire Galil Medical for an initial cash consideration of $84.5m and up to $25.5m in future regulatory and commercial milestone payments.
Galil Medical has company offices in Minnesota, US and Yokneam, Israel.
