Teleflex, a medical technologies provider, has entered into a definitive agreement to acquire Palette Life Sciences for an upfront cash deal of $600 million. Additionally, Palette will receive an extra $50 million from Teleflex based on certain commercial milestone achievements.
Through this acquisition, Teleflex aims to expand its Interventional Urology portfolio, which includes the UroLift System, by adding non-animal stabilised hyaluronic acid (NASHA) spacer and tissue bulking products. These new additions will help improve patient outcomes in urology and urogynecology disorders, colorectal conditions, and radiation oncology procedures.
Palette’s offerings include Barrigel, a NASHA spacer designed to reduce radiation delivered to the rectum during prostate cancer radiation therapy while enhancing tumour control. Barrigel can be easily shaped, is visible on transrectal ultrasound, and is biodegradable and reversible.
The portfolio also includes Deflux and Solesta, two NASHA-based tissue bulking agents developed to address paediatric vesicoureteral reflux and faecal incontinence, respectively.
Liam Kelly, Chairman, President, and CEO of Teleflex, expressed excitement about the acquisition, stating that it would allow them to incorporate Palette’s innovative technology into their interventional urology business unit and provide specialists with technologies that can positively impact patient care.
The deal is subject to customary closing conditions and is expected to be completed in the fourth quarter of this year.