BTG acquires Galil Medical for $84.5 million
British healthcare company BTG has agreed to buy Minnesota-based Galil Medical, a Minnesota-based company that specializes in oncology cryoablation technology, for $84.5 million. Based on various company milestones, BTG could pay up to an additional $25.5 million on top of that initial amount.
“I am very pleased to announce that Galil will be joining the BTG family,” Martin J. Emerson, Galil Medical president and CEO, said in a prepared statement. “Our two companies share a passion for patients and a commitment to innovation that will be better served through this acquisition. Through the significant resources that BTG will bring to bear through this acquisition, I am confident that the acceptance of Galil's market leading cryoablation technology will be accelerated. We are excited about the opportunity to leverage the BTG market reputation and resources in interventional oncology to become an even more important partner to the global healthcare system.”
The deal is expected to close sometime in the second quarter of 2016.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.