Admedus Ltd. completed the sale of a portion of its infusion business to BTC Health Ltd. for about A$6.3 million.
The divestment — part of the Australian healthcare supplies company's restructuring plan — does not include the rights to the Arcomed and Leventon range of infusion pumps, which remain with Admedus. The sale will allow the company to pursue its global growth strategy to focus on the commercial growth and development of its Adapt product portfolio.
BTC, a venture capital fund focused on the healthcare sector, previously said the deal will include the replacement of an old contract with a new eight-year exclusive distribution agreement with Summit Medical Products for the ambIT range of infusion pumps in Australia and New Zealand, and purchase of all salable inventory.
The fund intends to finance the acquisition through a two-tranche private placement and a share buyback plan.