WAYNE, Pa.--(BUSINESS WIRE)--Oct. 2, 2017--
Teleflex Incorporated (NYSE: TFX), a leading global provider of medical
technologies designed to improve the health and quality of people’s
lives, announced today the completion of its previously announced
acquisition of NeoTract, Inc.
On September 5, 2017, the two companies announced a definitive agreement
for Teleflex to acquire NeoTract in a transaction valued at up to $1.1
billion. Under the terms of the agreement, Teleflex acquired NeoTract
for an upfront cash payment of $725 million at closing, and has agreed
to pay up to an additional $375 million upon the achievement of certain
commercial milestones related to sales through the end of 2020.
Founded in 2004, NeoTract is a privately-held medical device company
that has developed and commercialized the FDA-cleared UroLift® System, a
novel, minimally invasive technology for treating lower urinary tract
symptoms due to benign prostatic hyperplasia, or BPH. Performed
primarily through a transurethral outpatient procedure, the UroLift®
System delivers permanent implants that hold open the urethra, reducing
the prostate obstruction without cutting, heating, or removing prostate
Teleflex will provide additional details on the transaction, including
an update to its fiscal year 2017 financial outlook as a result of this
transaction, on its third quarter 2017 investor conference call.
ABOUT TELEFLEX INCORPORATED
Teleflex is a global provider of medical technologies designed to
improve the health and quality of people’s lives. We apply purpose
driven innovation - a relentless pursuit of identifying unmet clinical
needs - to benefit patients and healthcare providers. Our portfolio is
diverse, with solutions in the fields of vascular and interventional
access, surgical, anesthesia, cardiac care, urology, emergency medicine
and respiratory care. Teleflex employees worldwide are united in the
understanding that what we do every day makes a difference. For more
information, please visit teleflex.com.
Teleflex is the home of Arrow®, Deknatel®, Hudson
RCI®, LMA®, Pilling®, Rusch®
and Weck® - trusted brands united by a common sense of
ABOUT NEOTRACT, INC.
NeoTract, Inc. is dedicated to developing innovative, minimally invasive
and clinically effective devices that address unmet needs in the field
of urology. The company’s initial focus is on improving the standard of
care for patients with BPH using the UroLift System, a minimally
invasive permanent implant system that treats symptoms while preserving
normal sexual function. Learn more at www.NeoTract.com.
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Source: Teleflex Incorporated
Treasurer and Vice
President of Investor Relations