The UK life sciences investment company BTG plc is to receive $5 million for its stake in Protez Pharmaceuticals, following the acquisition of the antibiotics specialist by Novartis AG for $100 million.
Protez of Malvern, Philadelphia, was founded in 2003 by BTG, alongside Protez executives, Chris Cashman, Klauss Esser and Luigi Xerri.
Novartis is acquiring the entire share capital of Protez for an initial payment of $100 million, with potential for up to $300 million of additional payments contingent upon the success of PZ-601, a broad-spectrum antibiotic currently in Phase II development for treating drug-resistant infections such as MRSA.
London-based BTG will receive approximately $5 million as its share of the initial $100 million, and up to $15 million more if all milestones are met.
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