Medical device group Belluscura is planning a U.K.-based IPO that could be worth up to $13.2 million after it picked up the rights to make and sell certain Stryker (NYSE:SYK) devices, according to a filing from the company.
The company was created by Tekcapital in 2015 to pick up and commercialize rights to medical devices. So far, the company has acquired licenses to manufacture and sell four medical device product lines from Stryker, including the Snap II, Passport, Slyde and Wire Caddy devices, according to the filing.
Earlier this week, Belluscura said it picked up the rights to manufacture and sell Styrker’s Stic product line, which it says has generated annual sales of approximately $4 million between 2011 and 2016.
Belluscura said it is already a contract manufacturer for the Passport, Slyde and Wire Caddy from Stryker, and intends to add the Snap II and Stic to its roster, replacing existing manufacturers of the products.
In February, Belluscura said it inked a co-exclusive licensing and development deal with Separation Design Group to help develop its Curv portable oxygen concentrator.
The company said it expects to raise between $9.9 million (GBP £7.5 million) and $13.2 million (GBP £10 million)
“Belluscura’s strategy will seek to capitalize on the key trends driving the growth of the medical devices industry. We are focused on targeting the segment of the market that is demanding affordable premium quality medical devices. We are greatly encouraged by the support of our existing shareholders and very excited at the prospect of the proposed admission to trading on AIM as we believe it is the next logical step in the delivery of our growth plans,” CEO Robert Rauker said, according to the filing.