Portsmouth, New Hampshire-based Laborie Medical Technologies, Inc. (LMT) signed a definitive agreement on September 6 to acquire Urotronic, Inc. According to data captured in the LevinPro HC database, this transaction marks the 76th Medical Devices acquisition of 2023.
Under the terms of the agreement, the transaction consists of an upfront cash payment of $255 million, and up to an additional $345 million in potential commercial and reimbursement milestone payments.
Urotronic is a Plymouth, Minnesota-based medical device company pioneering the application of its Optilume® drug-coated balloon technology for use in interventional urology including treating urethral strictures and benign prostatic hyperplasia.
LMT, a subsidiary of Patricia Industries, is a global medical technology company focused on urology, urogynecology, gastroenterology, obstetrics, gynecology and neonatal health. LMT develops, manufactures and markets medical technology and consumables for the diagnosis and treatment of urinary and fecal incontinence.
In conjunction with the Urotronic acquisition, Laborie will also make a $5 million strategic equity investment into GIE Medical, a clinical stage company spun out of Urotronic.
Piper Sandler acted as exclusive financial advisor and Koley Jessen acted as legal advisor to Urotronic. Simpson Thacher & Bartlett LLP and Cooley LLP acted as legal advisors to Laborie.
