- BTC health to become a leading supplier of innovative medical products
- Acquisition of exclusive rights to ambIT range of infusion pumps for Australia and New Zealand
- Potential annual revenues of $7 million and growing at 14 per cent
Biopharmaceutical company, BTC health has announced it has entered into an agreement with Admedus Limited to purchase a part of its Hospital Infusion Business.
Whilst BTC health will purchase all saleable inventory including the ambIT range of infusion pumps in Australia and New Zealand, it will not acquire the right to the Acromed and Leventon range of infusion pumps which will remain with Admedus.
The ambIT infusion pumps provide patients, doctors, and hospitals with a flexible and cost-effective alternative to traditional pumps which are not portable or cost-efficient.
The revolutionary infusion pumps allow patients to receive drug infusions, chemotherapy and antibiotic infusions, with a focus on little pain. The product’s portability enables it to be used anywhere.
Infusion pumps are a product sold globally and is expected to reach annual sales of approximately $7 million in the next financial year, with growth of 14 per cent per annum. This deal enables the BTC health group to drive product growth in private and public hospitals within Australia and New Zealand.
The purchase price is $6.3 million which includes $1.75 million of working capital upon completion of the acquisition.
BTC health intends to fund the acquisition through a two-trance private placement and a share purchase plan. The sale is expected to be completed on 31 May 2019.
“We are excited to be acquiring the rights to these infusion products from Admedus. It is a transformative acquisition for BTC health which brings established revenues, a quality range of innovative hospital products and an experienced national sales and education team. This gives the BTC health group a platform for growth which can be leveraged to deliver strong organic growth and provide the capability and capacity for the introduction of new products from the BTC health pipeline,” BTC health Executive Chairman, Richard Treagus said.