LONDON (Reuters) - British healthcare group BTG (L:BTG) said is had agreed to buy Galil Medical, a U.S. company that makes cryoablation products to treat Kidney and other cancers by freezing and destroying tumours, for an initial cash payment of $84.5 million (58.3 million pounds).
BTG said Galil's technology expanded its existing portfolio of interventional cancer treatments, including beads used to advance the treatment of liver tumours, and it expected the deal to boost its earnings in the first full year of ownership.
Privately owned Galil Medical, which is based in Arden Hills, Minnesota, makes and sells cryoablation systems and needles, which inject compressed argon gas into the body to freeze tumours.
The technology has been approved in the U.S. to treat kidney and other cancers, BTG said in a statement on Friday.
The British company said it had also agreed to pay up to $25.5 million in future payments depending on regulatory and commercial milestones in the period until the end of 2018.