ConvaTec Group PLC Convatec secures a highly innovative tech platform (6609W)
19 Abril 2023 - 1:00AM
UK Regulatory
TIDMCTEC
RNS Number : 6609W
ConvaTec Group PLC
19 April 2023
Release: 07:00hrs on 19 April 2023
Convatec secures a highly innovative technology platform
in the anti-infective space
-- Acquisition of innovative anti-infective nitric oxide technology
-- Convatec will explore application of this highly innovative
technology across business categories
-- Convatec well positioned to commercialise this technology
with a planned Advanced Wound Care new product launch in 2025
Convatec Group Plc [LSE:CTEC] announces it has acquired the
anti-infective nitric oxide technology platform of 30 Technology
Limited which includes new product assets and research and
development. In addition to applications in advanced wound care,
Convatec will explore application of this highly innovative
technology platform across its business categories.
The innovative technology platform and new product pipeline
complement Convatec's strong advanced wound care portfolio and
strengthen its ability to provide best-in-class solutions for
patients. Other potential applications for this technology include
the prevention of urinary tract infections as well as other
transformative applications.
The technology being acquired is supported by a small talented
technical and leadership team, located in Oxfordshire, UK. The team
will transfer to Convatec and we look forward to investing in their
ongoing success. Under the terms of the agreement, 30 Technology
retains the rights to respiratory medicine, animal health, oral
surgery, and a range of other therapeutics applications.
Dr Divakar Ramakrishnan, Chief Technology Officer and Head of
Research & Development at Convatec said: "This nitric
oxide-based technology platform represents a unique natural
antimicrobial and antibiofilm mode of action that is based on
compelling scientific and clinical data as well as knowhow. We are
excited to welcome new colleagues to Convatec with their technical
and translational science expertise. We are looking forward to
commercialising this innovative technology, across a variety of
medtech device applications starting with Advanced Wound Care. Our
leading global research and development, operations and commercial
teams are eager to support them in bringing pioneering products to
market."
Syd Hanna, Group Executive Director of 30 Technology said: "This
technology unlocks the potential of nitric oxide to treat a range
of infections with a durable and safe treatment. Antimicrobial
resistance is one of the key challenges of our time and we believe
the technology has significant potential for application across a
multitude of increasingly hard to treat conditions. Convatec are
exceptionally well placed to commercialise this technology
platform."
The initial consideration paid was GBP45 million. There is an
additional milestone payment of GBP47m due upon regulatory
clearances in the US and Europe, and further potential payments of
up to GBP84m based on sales of products over the lifetime of the
acquired patents. Convatec expects to launch the first new product
based on this technology, which will be in the Advanced Wound Care
market, in 2025.
The transaction will have no impact on the sales and margin
guidance for 2023.
This acquisition is consistent with Convatec's FISBE
(Focus-Innovation-Simplify-Build-Execute) strategy continuing its
investment in innovation as the company pursues its vision of
pioneering trusted medical solutions to improve the lives we touch.
It will further strengthen Convatec's ability to deliver
sustainable and profitable growth.
Contacts
Media Buchanan: Charles Ryland / Chris +44 (0)207 466 5000
Lane convatec@buchanan.uk.com
Analysts Sheebani Chothani +44 (0) 7805 011046
& Investors ir@convatec.com
About Convatec
Pioneering trusted medical solutions to improve the lives we
touch: Convatec is a global medical products and technologies
company, focused on solutions for the management of chronic
conditions, with leading positions in advanced wound care, ostomy
care, continence care and infusion care. With around 10,000
colleagues, we provide our products and services in almost 100
countries, united by a promise to be forever caring. Our solutions
provide a range of benefits, from infection prevention and
protection of at-risk skin, to improved patient outcomes and
reduced care costs. Group revenues in 2022 were over $2 billion.
The company is a constituent of the FTSE 100 Index (LSE:CTEC). To
learn more about Convatec, please visit
http://www.convatecgroup.com
About 30 Technology
30 Technology is a private biopharmaceutical company developing
nitric oxide-generating technologies for health care applications,
that represent the most significant advance in combating
anti-microbial resistant infections in 50 years. The company's
proprietary NO-generating platform safely delivers sustained
high-dose nitric oxide in multiple forms and is ideal for
pulmonary, oral, rare disease and animal health applications. The
company's lead respiratory candidates are currently in Phase II
clinical trials in CF and NCFB. 30 Technology was founded by
Professor Chris Wood FRCS, an honorary Professor at Imperial
College London, and has attracted investment from Morningside
Ventures (Boston) and Scottish Enterprise. To find out more please
visit: https://30.technology/
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