Convatec buys anti-infection tech for initial £45m

19th Apr 2023 07:54

(Sharecast News) - Global medical products and technologies company Convatec said it had bought the anti-infective nitric oxide technology platform of 30 Technology Limited for an initial £45m.

The deal includes new product assets and research and development, Convatec said on Wednesday. There is an additional milestone payment of £47m due upon regulatory clearances in the US and Europe, and further potential payments of up to £84m based on sales of products over the lifetime of the acquired patents.

In addition to applications in advanced wound care, Convatec said it would explore application of the technology across its business categories.

"The innovative technology platform and new product pipeline complement Convatec's strong advanced wound care portfolio and strengthen its ability to provide best-in-class solutions for patients. Other potential applications for this technology include the prevention of urinary tract infections as well as other transformative applications," the company said.

It expects to launch the first new product based on the technology, which will be in the advanced wound care market, in 2025.

Reporting by Frank Prenesti for Sharecast.com