Wayne-based Teleflex Incorporated, a medical technologies companies, recently entered into a definitive agreement to purchase Palette Life Sciences AB for $600 million at closing and up to an additional $50 million upon the achievement of certain commercial milestones.
The purchase will expand the Teleflex Interventional Urology portfolio to include Palette Life Sciences’ nonanimal stabilized hyaluronic acid (NASHA) spacer and tissue bulking products for urology and urogynecology disorders, colorectal conditions, and radiation oncology procedures.
The NASHA spacer designed to reduce radiation delivered to the rectum during prostate cancer radiation therapy.
“The acquisition of Palette Life Sciences will allow us to incorporate this exciting technology into our Interventional Urology business unit and bring urologists, radiation oncologists, and other specialists more innovative technologies that can positively impact patient care,” Liam Kelly, Teleflex chairman, president and CEO, said. “We believe Palette Life Sciences will be a meaningful contributor to our growth in the coming years. In 2024, we expect this business will achieve year-over-year revenue growth in the high-teens to low 20 percent range, which gives us further confidence in our ability to deliver on our 2023-2025 LRP financial objectives.”
The deal is subject to customary closing conditions and is expected to be completed by the end of the year.