Tuesday, January 07 14:37:25
Aerogen, a privately owned respiratory drug delivery company based in Galway, today announced a landmark technology access and licence agreement with global healthcare leader Philips.
The deal includes the acquisition of select assets solely related to Aerogen's homecare nebulizer product range.
The transaction will enable Aerogen to focus on its core area of respiratory drug delivery in acute care and homecare ventilation settings. The deal consists of an initial upfront payment, with further royalty income based on exploitation of the licensed technology and caps a highly successful year for Aerogen which experienced 39pc growth in 2013.
Financial details were not disclosed.
Aerogen's patented vibrating mesh technology turns liquid medication into a fine particle mist, gently and effectively delivering drugs to the lungs of critically ill patients. The technology, which is covered by over 40 patents, has enabled Aerogen to become the dominant nebuliser in the acute care setting.
The company expects to hit turnover of E28 million this year and to add 20 mainly R and D related jobs at its headquarters bringing the total workforce to 80.
"This a key strategic transaction for Aerogen as it allows us to focus on expanding our core business in the acute care setting, whilst 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. 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."
Aerogen was recently honoured with the Medical Technology Company of the Year Award presented by the Irish Medical Device Association (IMDA) in December 2013, preceded by the Zenith Award from the American Association of Respiratory Care (AARC) in November 2013, the highest international accolade for a respiratory care company.