September 7, 2018 / 6:57 AM / a month ago

British healthcare firm BTG buys Irish vascular device maker

(Reuters) - British healthcare company BTG Plc (BTG.L) has acquired Irish medical device maker Novate Medical, adding to its portfolio a vascular device for managing blood clots.

BTG has paid $20 million in cash to buy Novate, and may pay a further $130 million depending on the device hitting certain sales-related milestones, the UK company said on Friday.

The device, Sentry, received approval recently in the United States for use as in implant to prevent blood clots in leg veins from traveling to the lungs.

BTG plans a U.S. launch of Sentry in the second half of its current fiscal year.

The acquisition follows BTG’s deal last year to buy U.S.-based cardiovascular catheter maker Roxwood Medical.

(This story corrects first paragraph and headline to say Novate is Ireland-based, not U.S.-based)

Reporting by Muvija M in Bengaluru; Editing by Amrutha Gayathri

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