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BTG Limited

From Wikipedia, the free encyclopedia
(Redirected from British Technology Group)
BTG Limited
TypeSubsidiary
LSE: BTG
IndustryHealthcare
Founded1991; 35 years ago (1991) (as British Technology Group Ltd.)
HeadquartersLondon, United Kingdom
Key people
ProductsDevelopment, manufacturing and commercialisation of specialty pharmaceuticals and interventional medicine in the areas of critical care, cancer and varicose veins. BTG also has a revenue stream from royalty payments on partnered products.
Revenue£620.5 million (2018)[1]
ParentBoston Scientific
Websitebtgplc.com

BTG Limited is an international specialist healthcare company that is developing and commercialising products targeting critical care, cancer and other disorders. The current name was adopted when the British Technology Group changed its name on 27 May 1998.[2] BTG was a constituent of the FTSE 250 Index until it was acquired by Boston Scientific in August 2019.

History

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In 1948, the National Research Development Corporation was formed with the purpose of commercialising innovations that arose from public funded research.[3] This was complemented, in November 1975, by the establishment of the National Enterprise Board to implement the then-Government's policy of moving public sector industry into commercial private enterprise.[4]

During 1983, the British Technology Group acquired the commercialisation rights to magnetic resonance imaging (MRI) (under a revenue share scheme). Thereafter, it proceeded to license a large part of the world market in MRI, including licensees such as General Electric and Philips.[5]

These two organisations were merged by the Government in 1981 to form a new, non-statutory body called the British Technology Group.[6]

During the early 1990s, the British Technology Group was reorganised under a statutory footing as per the British Technology Group Act 1991.[7] initially, HM Treasury was the organisation's sole shareholder. In March 1992, the private equity firm Cinven arranged a management buy-out of the British Technology Group from the British Government. Three years later, the company was floated on the London Stock Exchange.[3]

On 27 May 1998, it was rebranded as BTG Limited, after which it primarily focused on the development and commercialising of medical innovations.[3]

BTG plc completed the acquisition of Protherics PLC in December 2008 and of Biocompatibles International plc in January 2011.[8] In May 2016, BTG plc acquired the Israeli company Galil Medical for US$110 million.[9] In September 2018, BTG plc acquired Novate Medical for up to $150 million.[10]

In November 2018, the American company Boston Scientific announced that it would acquire BTG in exchange for $4.2 billion.[11] The transaction was due to complete in August 2019.[12]

Operations

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BTG earns revenues from specialty pharmaceutical and interventional medicine product sales and on royalties from partnered products.[13] It trades as BTG International Inc. in the United States and as BTG International Ltd. in the United Kingdom.[14]

See also

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References

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  1. ↑ "Preliminary Results 2018" (PDF). BTG. Retrieved 16 March 2019.
  2. ↑ "BTG LIMITED: Company number 02670500". Companies House. Retrieved 23 March 2015.
  3. 1 2 3 "Overview of BTG International's history". Archived from the original on 2006-08-26. Retrieved 2007-12-30.
  4. ↑ Elizabeth II (1975). Industry Act 1975. HM Stationery Office. ISBN 0-10-546875-4.
  5. ↑ "Case study of BTG's MRI licensing". Archived from the original on 7 August 2007. Retrieved 30 December 2007.
  6. ↑ "Abstract of Department of Trade and Industry report "Monitoring of British Technology Group"". bopcris.ac.uk.
  7. ↑ "British Technology Group Act 1991". Legislation.gov.uk. Retrieved 6 May 2016.
  8. ↑ "BTG's £177m deal to buy cancer treatment firm Biocompatibles International". The Evening Standard. 11 April 2012. Retrieved 23 March 2015.
  9. ↑ "BTG acquires Galil Medical for $110m". Globes. 5 May 2016.
  10. ↑ "BTG plc acquires Novate Medical Ltd". btgplc.com.
  11. ↑ "Boston Scientific to Acquire U.K. Medical Device Company BTG for $4.2 Billion". Biospace. 20 November 2018. Retrieved 16 March 2019.
  12. ↑ "BTG shareholders OK $4B Boston Scientific buyout". Mass Device. 1 March 2019. Retrieved 16 August 2019.
  13. ↑ "Prostate cancer drug boosts BTG". Financial Times. 5 October 2011. Retrieved 16 April 2017.
  14. ↑ "BTG plc - Contact Us". btgplc.com. Archived from the original on 4 April 2015. Retrieved 23 March 2015.
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