Mountain View, Calif., devicemaker PneumRx has been snapped up by specialty pharmaceuticals maker BTG for $475 million. The deal includes $230 million up front and $245 in performance-related milestone payments.

PneumRx, which makes minimally invasive devices to treat emphysema, will continue to operate intact while benefiting from the support of BTG’s framework, says PneumRx President and CEO Erin McGurk. She expects the deal to close in mid-January.

BTG says PneumRx’s RePneu Coil will become the cornerstone of its interventional pulmonology business. The coil implant improves lung function, exercise capacity and quality of life for patients with severe emphysema by compressing diseased tissue, retightening the airways and increasing the lung’s elasticity, according to the companies.

The London-based drugmaker’s portfolio includes treatments for pulmonary embolisms, liver tumors and varicose veins.

The RePneu coil has been CE-marked and used in Europe since 2008. Enrollment for U.S. clinical trials was completed in October, and PneumRx plans to submit one-year data to the FDA late next year for premarket approval. — Kellen Owings

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