Biocompatilbles’ (LON:BII) partner Eisai Co has applied for approval to market the UK company’s embolic bead E7040 in Japan, which is used to treat liver cancer.
The Japanese Ministry of Health recommended the bead be made available as early as possible at a meeting last January.
Biocompatibles chief executive Crispin Simon said: "We congratulate Eisai on submission of the DC bead Marketing Authorisation.
“The designation of DC Bead for fast track registration in Japan recognises the benefits this product brings over conventional therapies, and the size of the Japanese HCC patient population."
Last month Biocompatibles accepted a bid from drug developer BTG (LON:BGC), which values the company at 430p a share, or £177.2 million in total.
Biocompatibles recommended the offer because it said it believed the deal will create a “fast-growing, financially stronger, international specialist healthcare business”.
The pair said the transaction is about harnessing the growth potential of Biocompatibles, whose drug delivery beads are used in oncology.
They will have cash resources of around £97 million to tap into and a number of other innovations to take into the marketplace.
Investors are being offered 1.6733 BTG shares for each Biocompatibles share they own plus 10p in cash.
Alternatively they can pass on the 10p cash payment and opt instead for contingent value notes up to the value of 47p (56 euros), which are linked to the development of GLP-1 for diabetes and obesity.
Shareholders accounting for 53.19 per cent of Biocompatibles stock have irrevocably committed to backing the deal, while a further 10.49 per cent have said they intend to back the offer.
The acquisition is being done via a scheme of arrangement, which requires 75 per cent support from investors.