August 28 2009
BTG Sells HySolv™ Technology to Major Pharmaceutical Company
London, UK, 28 August 2009
BTG plc (LSE: BGC), the specialty pharmaceuticals company, today announces the sale of its HySolv™ drug delivery technology to Novartis Pharma AG for an initial payment of US$0.75m and potential additional future milestone payments of up to US$9.25m. Under the terms of the agreement, Novartis acquires all of the patent rights and know how with respect to the HySolv™ drug delivery technology.
HySolv™ was developed by Protherics Salt Lake City Inc. (formerly MacroMed, Inc.) from a patented solvent technology platform for solubilising hydrophobic drugs in a hydrophilic environment. BTG acquired Protherics in December 2008.
Louise Makin, BTG’s chief executive officer, commented: "We are pleased to have reached agreement to sell the HySolv™ technology to Novartis. This is in line with our goal of realising value from all of the group’s assets, while continuing to build value in our development pipeline and establishing our US sales and marketing operations."
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