October 5, 2017 / 9:49 AM / 17 days ago

UK's BTG to buy Roxwood Medical for up to $80 million

(Reuters) - British drugs company BTG Plc (BTG.L) said on Thursday it will buy U.S.-based cardiovascular catheter maker Roxwood Medical for up to $80 million.

The deal, which is expected to be accretive to adjusted profit from the second full year of ownership, comprises $65 million paid on closing and up to $15 million in potential milestones.

Roxwood’s portfolio of anchoring catheters and microcatheters for treatment of complex cardiovascular lesions should leverage BTG’s existing successful EKOS (endovascular system) sales and marketing operation, Deutsche Bank analysts said in a note.

Separately, BTG stuck to its double-digit product sales growth forecast, adding that licensing revenue in the first half has benefited from back royalties on Lemtrada, Sanofi’s (SASY.PA) multiple sclerosis treatment.

BTG said licensing revenue is expected to decline over the full year by low double digits at constant currency, compared to a previous forecast of a high-teens decline.

Reporting by Radhika Rukmangadhan in Bengaluru; editing by Jason Neely

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