UK’s BTG to buy Galil Medical for $110 million

10 May, 2016

Galil Medical was founded in Israel in 1997, and developed a technology to remove tumors by freezing, based on a Rafael missile cooling technology

Galil Medical was founded in Israel in 1997, and developed a technology to remove tumors by freezing, based on a Rafael missile cooling technology

1Yokneam based Galil Medical will be sold to British healthcare group BTG for an initial cash consideration of $84.5 million and up to $25.5 million in future regulatory and revenue milestone payments through December 2018. Galil Medical developed a Cryoablation (cell feezing) treatment for the removal of liver cancer tumors. This technology has positioned the company as global leader in the field of liver cancer treatment. Galil Medical employs over 100 people. It was founded in 1997 in partnership between Elron and RDC, the commercialization arm of Rafael Advanced Defense Systems.

Galil Medical’s technology is based on the use of specialized needles which are used to inject cancer affected areas with argon gas. When the gas passes through the needle, the needle cools to an extremely low temperature, creating an ice ball around the tumor, thus destroying it. The company produces a wide range of needles, offering solutions for many shapes of tumors.

BTG to expand Galil’s portfolio

Galil Medical’s largest market is the US. Its global sales in 2015 were $22 million, from which $15 million were in the US. In 2015 the company reported gross assets of $14.1 and a loss before taxes of $8.5 million.

Galil Medical president and CEO Martin J. Emerson said he is confident the acquisition will accelerate the sale of Galil’s cryoablation technologies. “This is a fantastic step forward for the employees of Galil, the physicians we support and ultimately the patients we all serve.”

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