Teleflex Incorporated Completes Acquisition of NeoTract
October 02 2017 - 4:01PM
Business Wire
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
tissue.
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 purpose.
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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Teleflex IncorporatedJake ElguiczeTreasurer and Vice President
of Investor Relations610-948-2836
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