BTG acquires Galil Medical for $110m

cancer

The company has developed cryoablation systems and needles for treating cancer at its Israeli laboratories.

Cancer treatment company Galil Medical has been acquired by UK healthcare company BTG plc for $110 million. Galil Medical, which has its development operations in Yokneam near Haifa, has developed cryoablation systems and needles for treating kidney, prostate and other types of cancer. BTG, traded on the London Stock Exchange and Nasdaq specializes in cancer treatments and medical devices and has a market cap of $2.2 billion.

Galil Medical is a veteran company, which in the 1990s developed a minimally invasive medical device to burn tissues through needles used for freezing. Its first target was prostate cancer.

In 2003, Galil Medical merged with UK company Amersham, which took a 75% stake, while Amersham in its turn was acquired by GE.

Over the years Galil Medical raised $48 million from Investor Growth Capital, Thomas McNerney Partners and Vertical Group.

"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 BTG Chief Executive Louise Makin.

Adv. Einat Weidberg of Raved Magriso Benkel & Co. is representing Galil Medical in the acquisition, while Adv. Ashok Chandrasekhar of Goldfarb Seligman is representing BTG.

Published by Globes [online], Israel business news - www.globes-online.com - on May 6, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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