30 Technology sells antimicrobial platform for up to £176m
Published on 19 April 2023
Milton Park-based 30 Technology, the world leader in clinical nitric oxide generation technology for health care, has announced that it’s completed the sale of its antimicrobial nitric oxide platform in certain applications to Convatec Group Plc - a global medtech company focused on solutions for the management of chronic conditions.
The sale encompasses all wound care assets, research and development and commercial applications of the technology related to the topical treatment of chronic and acute wounds, burns and tissue repair, as well as other certain medical device applications.
The initial consideration is £45 million, with further potential payments of up to £131 million upon the achievement of specific regulatory approvals and commercial milestones, totalling £176 million.
The completion of this strategic divestment will allow 30 Technology to accelerate its world leading position in clinical, ultra-broad spectrum nitric oxide generation and rapidly advance its innovative and differentiated platform of nitric oxide generating technologies.
30 Technology’s strategy will focus on tackling critical unmet needs in respiratory disease, animal health, rare diseases, oral health, ophthalmology and a range of other therapeutics applications, each of which constitute billion-dollar market opportunities. As part of the transaction, a small team from 30 Technology will transfer across to Convatec.
Convatec will take on a new product pipeline set to complement its exisitng portfolio in advanced wond care with the newly-acquired platform expected to enter the market in 2025.
Syd Hanna, Group Executive Director of 30 Technology, commented: “This transaction validates 30 Technology’s transformational approach to unlock 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 our technology has huge potential for application across a multitude of increasingly hard to treat indications.
“The completion of this strategic divestment will allow 30 Technology to accelerate its development in multiple areas, including respiratory indications, where we are already in several clinical trials.”
Dr. Divakar Ramakrishnan, Chief Technology Officer and Head of Research & Development at Convatec, said: “We are looking forward to commercializing 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.”
The Rt Hon Steve Barclay MP, Secretary of State for Health and Social Care, said: “It is very gratifying to see yet another innovation entirely created and developed in the UK that heals patients who would otherwise spend years suffering ill health and disability.
“30 Technology is a great example of how the NHS and UK life sciences sector can together deliver world leading therapies that benefit patients and the economy.”
For more information on 30 Technology and its work, please visit: https://30.technology/