Teleflex has announced the completion of its previously announced acquisition of NeoTract.
Founded in 2004, NeoTract is a privately-held medical device company that has developed and commercialised 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 tissue.
On 5 September 2017, the two companies announced a definitive agreement for Teleflex to acquire NeoTract in a transaction valued at up to US$1.1 billion. Under the terms of the agreement, Teleflex acquired NeoTract for an upfront cash payment of US$725 million at closing, and has agreed to pay up to an additional US$375 million upon the achievement of certain commercial milestones related to sales through the end of 2020.
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.