Teleflex Incorporated announced on July 26 that it acquired Palette Life Sciences AB for $600 million and up to an additional $50 million upon the achievement of certain commercial milestones.
Palette Life Sciences is a fully integrated medical device company providing a wide range of products and services. Its portfolio of products focuses on treating conditions in urology/urogynecology disorders, colorectal conditions, radiotherapy and interventional oncology procedures. Headquartered in Stockholm, Sweden, the company operates offices in California, Texas, Australia and Japan. Palette Life Sciences is estimated to generate net sales of approximately $56 million, on a standalone basis, in 2023.
Teleflex designs, develops, makes and supplies single-use medical devices for common diagnostic and therapeutic procedures in critical care and surgical applications. Teleflex had revenue of $2.86 billion in the twelve months ending April 2, 2023, according to its financial report.
The acquisition will expand the Teleflex Interventional Urology portfolio, which includes the UroLift® System, to include Non-Animal Stabilized Hyaluronic Acid (NASHA) spacer and tissue bulking products that improve patient outcomes in urology and urogynecology disorders, colorectal conditions and radiation oncology procedures. The transaction is expected to be completed during the final quarter of 2023.
According to data captured in the LevinPro HC database, this transaction marks the 69th Medical Devices acquisition of 2023. This is also Teleflex’s first acquisition of the year. In 2022, the company purchased Beere Precision Medical Instruments, which manufactures orthopedic surgical instruments, for $10 million.
