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BTG Limited

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BTG plc
Company typePublic
LSE: BTG
IndustryHealthcare
Founded1991 as British Technology Group Ltd.
HeadquartersLondon, United Kingdom
Key people
Garry Watts (Chairman of the board), Louise Makin (CEO), Duncan Kennedy (CFO)
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]
£(102.8) million (2018)[1]
£12.7 million (2018)[1]
Websitewww.btgplc.com

BTG plc 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

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]

These two organisations were merged by the Government in 1981 to form a new, non-statutory body called the British Technology Group.[5] It acted principally to license and commercialise the use of publicly funded developments. The Group was put onto a statutory footing in the British Technology Group Act 1991[6] with HM Treasury initially being the only shareholder. Subsequently, in March 1992, Cinven arranged a management buy-out from the Government. The company later floated on the London Stock Exchange in 1995.[3] Three years later, on 27 May 1998, the Group adopted its present name. It now focuses its work on developing and commercialising medical innovations.[3]

Since acquiring the commercialisation rights to magnetic resonance imaging (MRI) (under a revenue share scheme) in 1983, BTG has come to license a large part of the world market in MRI, including licensees such as General Electric and Philips.[7]

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 late November 2018 Boston Scientific announced it would acquire BTG for $4.2 billion.[11] The transaction was due to complete in August 2019.[12]

Operations

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

References

  1. ^ a b c "Preliminary Results 2018" (PDF). BTG. Retrieved 16 March 2019.
  2. ^ "Companies House WebCheck". companieshouse.gov.uk. Retrieved 23 March 2015.
  3. ^ a b c "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. ^ Abstract of Department of Trade and Industry report "Monitoring of British Technology Group"
  6. ^ "British Technology Group Act 1991". Legislation.gov.uk. Retrieved 6 May 2016.
  7. ^ "Case study of BTG's MRI licensing". Archived from the original on 2007-08-07. Retrieved 2007-12-30.
  8. ^ "BTG's £177m deal to buy cancer treatment firm Biocompatibles International". The Evening Standard. Retrieved 23 March 2015.
  9. ^ BTG acquires Galil Medical for $110m, Globes, May 5, 2016
  10. ^ "BTG plc acquires Novate Medical Ltd".
  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". FT. 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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