REG - ConvaTec Group PLC - Convatec secures a highly innovative tech platform

ConvaTecAnnouncement

19/04/2023 07:00

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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 £45 million. There is an additional
milestone payment of £47m due upon regulatory clearances in the US and
Europe, and further potential payments of up to £84m 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 Lane                      +44 (0)207 466 5000

                                                                                      convatec@buchanan.uk.com (mailto:convatec@buchanan.uk.com)

 Analysts & Investors      Sheebani Chothani                                          +44 (0) 7805 011046

                                                                                      ir@convatec.com (mailto: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 (https://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/
(https://urldefense.com/v3/__https:/30.technology__;!!H_q-o1I4kFo!nDlOPqiNHR-m3CBVm0D7Bbo8YWEGnxmNmBWVuf2yf2zyFYldmDVLBYOO4Ot8uXdS3oF7vFkTHxMPhkfbw5NtuLE3hZlNGA$)

 

 

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