Galway-based respiratory drug delivery company Aerogen has announced a landmark technology access and licence agreement with global healthcare leader Philips for the acquisition of Aerogen’s homecare nebuliser range of products.
The deal is considered a lucrative one for company, which was founded in 1997 and is considered a world leader in its field.
As part of the acquisition agreement, Philips will put forward an initial upfront payment, with further royalty income based on exploitation of the licensed technology, capping a highly successful year for Aerogen, which experienced 39pc growth in 2013.
“This is a key strategic transaction for Aerogen as it allows us to focus on expanding our core business in the acute care setting, while facilitating consistency of care for respiratory patients from hospital to home,” said John Power, Aerogen CEO.
“Our acute care business has grown at a phenomenal rate over the past five years. Working with the global leaders in acute care ventilation and our independent distribution network, we are today recognised as the gold standard for aerosol delivery in acute care ventilation,” he added.
“With several important new product releases planned for early 2014, we look forward to expanding our leadership position across all areas of aerosol drug delivery in the hospital environment.”
Philips will also acquire a selection of Aerogen’s assets solely related to their homecare nebuliser product range.
Phenomenal success in its sector
The Galway company currently owns 40 patents for a variety of different healthcare equipment and is expected to reach a turnover of €28m this year, as well as future job growth from 20 R&D posts, to 80 by the end of this year.
The company has also been on the receiving end of a number of awards last year, with the awarding of the Medical Technology Company of the Year Award presented by the Irish Medical Device Association (IMDA) in December 2013 and preceded by the Zenith Award from the American Association of Respiratory Care (AARC) in November 2013, which is considered the most prestigious award in the respiratory care sector.
Nebuliser image via Shutterstock