ARDEN HILLS, Minn., May 6, 2016 /PRNewswire/ -- Galil Medical, the global leader in interventional oncology cryoablation technology, announced today it has entered into a definitive agreement to be wholly acquired by the BTG plc group. BTG will acquire Galil for an initial cash consideration of US$84.5M and up to US$25.5M in future regulatory and revenue milestone payments through December 31, 2018. The transaction is expected to close late in the second quarter, 2016.
"I am very pleased to announce that Galil will be joining the BTG family. Our two companies share a passion for patients and a commitment to innovation that will be better served through this acquisition," said Martin J. Emerson, Galil Medical President and CEO. "Through the significant resources that BTG will bring to bear through this acquisition, I am confident that the acceptance of Galil's market leading cryoablation technology will be accelerated. We are excited about the opportunity to leverage the BTG market reputation and resources in interventional oncology to become an even more important partner to the global healthcare system. This is a fantastic step forward for the employees of Galil, the physicians we support and ultimately the patients we all serve."
About Galil Medical Galil Medical is a global leader in delivering innovative cryoablation solutions. The company is addressing patient conditions across multiple physician specialties. Treatment areas and clinical research priorities include conditions affecting bone, kidney, liver, lung and prostate, as well as targeted pain and nerve applications. Company offices are located in Arden Hills, Minnesota and Yokneam, Israel. Shareholders include Thomas, McNerney & Partners, The Vertical Group, and Investor Growth Capital.
Galil advisors for this transaction include Houlihan Lokey, Fredrikson & Byron, Raved Magriso Benkel & Co (Tel Aviv), Willkie Farr & Gallagher and EY.
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SOURCE Galil Medical