BTG has spent upwards of $1 billion including potential future payments on building up its interventional medicine business in the US over the past four years. At first, it was with the support of investors who put up fresh funds but more recently it has come from its strong free cash flow.
This comes from the other side of the business, various specialty treatments including the most well known, Crofab, which treats snake bites, and a couple of drugs that treat adverse reactions to commonly used chemotherapy and heart compounds. These provide reliable income streams — people are not going to stop being bitten by snakes in the US — while all are little threatened by rival compounds and offer good margins.
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