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Teleflex closes $1B NeoTract buy

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TeleflexTeleflex (NYSE:TFX) said today that it closed its $1.1 billion acquisition of NeoTract and its UroLift prostate treatment.

The deal called for an up-front cash payment of $725 million, plus another $375 million in milestone payments pegged to sales numbers through 2020, Wayne, Pa.-based Teleflex said.

The UroLift system for benign prostate hyperplasia uses tiny devices that are inserted into the urethra in a minimally invasive procedure to reopen the lower urinary tract by pushing aside tissue from the enlarged prostate. NeoTract put up sales of roughly $51 million last year, up 178% over 2015, and is expected to post sales of $115 million to $120 million this year.

When the deal was announced last month, Teleflex chairman & CEO Benson Smith likened the NeoTract pickup to prior acquisitions of Vascular Solutions, Vidacare and LMA.

Teleflex said it plans to update its outlook as a result of this transaction in its third-quarter earnings release.

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