BTG hails 'momentum' and 'progress', acquires catheter company

Medical products group BTG grew sales at double-digits at constant exchange rates in the first half of the year and confirmed it was on track for the full year, while also announcing it has acquired a US-based cardiovascular catheters business.

The FTSE 250 group will pay up to $80m in cash to acquire California-headquartered Roxwood Medical to add a portfolio of products used in the treatment of patients with severe coronary and peripheral artery disease.

"This bolt-on acquisition continues to build BTG's strength in the interventional vascular space, further expanding our portfolio of differentiated minimally invasive vascular technologies," said chief commercial officer John Sylvester.

"Roxwood's products complement our existing business and will be offered through our existing EKOS hospital sales force, providing our customers with options to enable treatment of these patients with complex lesions."

As for the six months ended 30 September, the Specialty Pharmaceuticals business is expected to grow by low-to-mid single digits at constant currency rates, weighted to the first half as expected, while Interventional Medicine is expected to deliver mid-to-high teens growth, with higher growth in the second half.

BTG also reported "good momentum" across the business with "significant progress" achieved.

Licensing revenue benefited from back-royalties on multiple sclerosis treatment Lemtrada and is now expected to decline only by low double digits over the full year versus the high-teens original guided.

In Interventional Medicine, there was some of the "significant" progress made in generating clinical data to support the expanded use of the oncology and EKOS products, with the phase III trial of TheraSphere in primary liver cancer on track to report data in 2019 and positive results from two studies of EKOS.