The London Life Sciences team advised 30 Technology in the completed the sale of its antimicrobial nitric oxide platform in certain applications to Convatec Group Plc (LSE: CTEC). 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. The completion of this strategic divestment will allow 30 Technology to accelerate its world leading position in clinical, ultra-broad spectrum NO-generation and rapidly advance its innovative and differentiated platform of NO-generating technologies.
30 Technology is a privately owned biopharmaceutical company developing nitric oxide-generating technologies for health care applications, that represent the most significant advance in combating anti-microbial resistant infections in over 50 years. The company’s lead development candidates are inhaled solutions that produce potent broad spectrum antimicrobial activity directly on the infected lung surface. They have been developed to treat the most serious multi drug resistant respiratory infections and are currently in multiple Phase II clinical trials in CF and NCFB.
The company was founded by Professor Chris Wood, an honorary Professor at Imperial College London and a Fellow of the Royal College of Surgeons of Edinburgh, and has attracted investment from Morningside Ventures (Boston) and Scottish Enterprise.
The Goodwin team was led by Graham Defries, Kesten Laverty and Michael Grainger and included Anna Kaye, Chloe Smith, Morag Peberdy, Lucy Sharples, Dulcie Daly, Amy Francis, Simon Woodcock and Jack Davies.
For additional details on the transaction, please read the press release.