Teleflex (NYSE:TFX) agrees to acquire privately held NeoTract for up to $1.1B. Pleasanton, CA-based NeoTract develops devices used in urology. It currently commercializes one product, the UroLift System, designed to hold the a man's enlarged prostate tissue out of the way so that it no longer blocks the urethra.
UroLift was CE Mark'd in 2010 and received de novo 510(k) clearance in the U.S. in 2013.
Under the terms of the agreement, Teleflex will pay $725M upfront and up to $375M in commercial milestones through 2020. The deal should close within 30 days.
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