The FTSE 250-listed firm will acquire interventional vascular business EKOS – which manufactures and distributes blood clot treatment EkoSonic – for an initial cash consideration of $180m and up to $40m in future milestone payments.
BTG will buy interventional oncology business Therasphere, which treats liver cancer, for $200m.
The acquisitions were partially funded by a rights issue, which raised £106.3m for ten per cent of the company’s share capital.
“The transactions make strategic sense and are consistent with clearly stated management aspirations and strategy,” said Panmure Gordon in a note.
“Inherently it is in the valuation already but we can now quantify the impact and possible accretion to earnings in the medium term.
“We believe BTG should be a core holding for all investors that look to have healthcare in their portfolio.”
The firm announced a 19 per cent increase in revenue in its full-year results earlier this week.
BTG’s shares closed 0.33 per cent higher yesterday at 339.5p.
YESTERDAY was a busy day of announcements for BTG, the specialist healthcare company which has made two acquisitions valued at £250m.
The company also announced a rights issue, placing 32,208,030 shares in order to part-fund the transactions.
Deutsche Bank advised on the EKOS acquisition, led by Darren Campili, head of EMEA healthcare and Ben Lawrence, director in the corporate broking team.
Campili has led numerous healthcare transactions, including Advent’s acquisition of Mediq for €1.1bn (£900m) and the sale of Actavis to Watson for $6bn (£3.9bn).
He has also worked on Takeda’s recent acquisition of Nycomed for $13.6bn, Advent’s acquisition of the Priory Group for $1.5bn, Fresenius’ acquisition of APP Pharmaceuticals for $4.6bn and Shire’s acquisition of Movetis for $599m.
Prior to joining DB, Darren was a senior vice president and head of business development within Novartis’ consumer division and a member of Novartis’ corporate executive group.
Prior to that position, Darren ran business development for Sandoz. Prior to Novartis, Darren was a vice president in health care investment banking at Credit Suisse First Boston.
Lawrence has worked on numerous transactions including Hammerson’s disposal of its Office Portfolio, Shire’s acquisitions of Movetis and Jerini and Redefine’s reverse takeover of Wichford. Prior to that he worked at investment bank Dresdner Kleinwort Wasserstein.
JP Morgan Cazenove advised on the Therasphere acquisition, led by James Mitford and Nicholas Hall.
Mitford is also currently working on the Coca-Cola Hellenic Bottling Company’s buy-out to acquire its Greek subsidiary.
Both teams also worked on BTG’s rights issue today.
FTI Consulting acted as public relations adviser on the transactions.