Medical technology specialist BTG plc (LSE: BTG) has acquired Novate Medical Ltd, a medical device company that focuses on the prevention of pulmonary embolism (PE) in patients at high risk of venous thromboembolic events, the company announced on Friday.

BTG paid USD20m in cash to acquire Novate, with further cash sums totalling up to USD130m payable subject to certain commercial and sales-related milestones being met. The company expects the transaction to be accretive to adjusted earnings per share from the second full year of ownership.

Novate has developed Sentry, the first bioconvertible inferior vena cava (IVC) filter, which has recently been granted 510(k) regulatory clearance in the United States. Twelve-month clinical trial data for Sentry demonstrated no new symptomatic PE and no evidence of device migration, tilt, fracture, perforation or embolisation, complications which have been associated with some other IVC filters, BTG noted. Additionally, its unique bioconversion feature eliminates the need for an additional interventional procedure to retrieve the device.

BTG plans to launch Sentry in the US in the second half of fiscal year 2018/19.