Friday 25th July 2008
Biocompatibles expands into US
Biocompatibles, a Farnham-based medical technology company, is set to takeover BrachySciences, a medical device business located in Oxford, Connecticut, in a deal worth $21.6 million (£10.9 million).
The acquisition will enable Biocompatibles to expand into the US, raising its profile among US cancer physicians and companies. The Surrey business will pay an initial $8.6 million on completion with a further $12 million conditional on performance.
The bolt-on acquisition is part of Biocompatibles’ strategy of broadening its delivery of minimally invasive local procedures in the treatment of cancer. The acquired company markets implantable “seeds” that deliver radiation in the treatment of prostate cancer while Biocampatibles produces drug-eluting bead products, also a non-surgical procedure.
To December 2007, BrachySciences made a $200,000 profit on a turnover of $9.7 million.
Simon Crispin, Biocompatibles chief executive, said: “BrachySciences fits well with our business strategy and our commitment to growing revenues and establishing sustainable profitability.”
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