LONDON, July 16, 2019 /PRNewswire/ -- BTG International Asia Limited, a subsidiary of BTG plc (LSE: BTG) announced today that it has agreed to invest RMB 76million (approximately USD 11million) in the Chinese medical isotope diagnosis and treatment company Chengdu New Radiomedicine Technology Co., Ltd. ("CNRT"). This investment will comprise a share subscription of ten per cent stake in CNRT. The transaction positions BTG with an emerging leader in radiopharmaceuticals in China and provides BTG with a unique position from which to explore further collaboration with CNRT for the regulatory approval, production and commercialization of BTG's TheraSphere®, as well as CNRT's own emerging radio-active microsphere portfolio.
"Today's announcement advances BTG's mission to bring innovative, minimally invasive radiation therapies to cancer patients in China. After an extensive evaluation, we believe that CNRT is a uniquely qualified collaboration partner for BTG in China, including in expediting the introduction of TheraSphere® to the Chinese market. Together we aim to develop innovative therapeutic nuclear medicines to effectively address unmet patient needs and improve lives in what is likely to become one of the world's most important markets for interventional oncology," said Louise Makin, Chief Executive of BTG.
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"We have long-admired BTG's innovative technology in interventional oncology that helps cancer patients live longer and in more comfort. We are very pleased to receive this investment from BTG, which reflects a recognition of what we have achieved. With BTG as a shareholder of CNRT, we look forward to collaborating to bring more treatment options to Chinese patients and physicians, including TheraSphere®, and to working together on the development of other innovative therapeutic radiopharmaceuticals, which will ultimately benefit cancer patients in China and worldwide," said Jiming Cai, Chairman and CEO of CNRT.
Transaction & Closing
The investment will be funded from cash on hand. The transaction is expected to close in the second half of calendar year 2019, subject to the completion of regulatory filings and registration formalities.
BTG was advised by Vermilion Partners on the transaction.
BTG is a global healthcare company focused on Interventional Medicine. Our innovative medical technology helps physicians treat their patients through minimally invasive procedures. We have a growing portfolio of products that advance the treatment of cancer and vascular conditions. BTG's Pharmaceuticals business provides products that help patients overexposed to certain medications or toxins. BTG's history traces back to 1948 when the National Research Development Corporation was established by the British government to commercialise publicly funded research. Today, BTG is a business that operates worldwide and employs over 1,700 people.
CNRT is a high-tech company specializing in the R&D and industrialization of radioactive medicines. The business covers R&D, production and sale of medical isotopes for diagnosis and treatments, demonstration research of diagnosis and treatments for multiple cancer diseases, as well as the provision of nuclear medicine technology services and consulting services. CNRT is based in Chengdu, Sichuan, and employs over 90 people.
SOURCE BTG plc