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BTG acquires medical device maker Novate

London's BTG plc agreed to acquire Novate Medical Ltd. for $20 million in cash and up to $130 million in milestone payments.

Ireland-based medical device company Novate developed Sentry, a vein filter approved by the U.S. Food and Drug Administration to prevent sudden blockages of lung arteries, called pulmonary embolisms.

BTG plans to launch Sentry in the U.S. in the second half of fiscal 2019. The company expects the deal to be accretive to adjusted EPS from the second full year of ownership.

"This bolt-on acquisition further enhances BTG's strength in the vascular space," BTG CEO Louise Makin said in a news release.