LONDON, April 1, 2015 /PRNewswire/ --
Acquisition enables Norgine and Arc Medical to increase international exposure of ENDOCUFF VISION™ a novel device to improve the detection of colon cancer
Innovative deal strengthens Norgine's capabilities in partnership with the existing management team of Arc Medical
Norgine B.V. today announced it has acquired a 70% stake in Arc Medical Design Ltd. while retaining Arc Medical Design existing management, who will retain a 30% ownership stake. This transaction advances the growth of Norgine's colon cancer prevention and detection franchise across the world and strengthens the global launch of Arc Medical Design's products.
This follows the announcement made on 12 March 2015 that Norgine would commercialise and distribute ENDOCUFF VISION™, a Class 1 sterile medical device used in colonoscopy, across a number of major European markets, Australia and New Zealand. The first launch of ENDOCUFF VISION™ by Norgine is anticipated to take place in the UK in Q2 2015.
Peter Stein, CEO at Norgine said: 'This transaction is excellent news for patients, Norgine, and Arc Medical Design. We are now able to fully collaborate with this successful management team and to support them in launching this innovative device to detect and prevent colon cancer and in the development of other innovative devices in the same space.'
He added: 'This investment demonstrates Norgine's flexible approach to partnering with companies who develop specialised products by adapting structures to achieve shared objectives.'
Colorectal cancer is the second most common cause of cancer-related mortality in the world, with nearly 1.4 million new cases diagnosed worldwide and 412,000 people in Europe.
Arc Medical Design's lead product ENDOCUFF VISION™ is a single use, sterile endoscopic overtube, which fits onto the distal end of most endoscopes, and has been designed to improve tip control during extubation and enhance mucosal vision in patients with diseases of the colon, including colorectal cancer. The improved visualisation of lesions has been shown to result in an increase in both the Adenoma Detection Rate (ADR) and Mean Adenomas per Patient (MAP) rate. It is envisaged it will be distributed throughout the world, with distribution agreements already in place for the EU, USA China, Japan, South Korea, Australia and New Zealand.
Financial terms were not disclosed.
Full release on http://www.norgine.com
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SOURCE Norgine B.V.