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泰利福拟11亿美元收购医疗设备公司NeoTract

发布时间:2017-09-12

近日,医疗设备制造商泰利福Teleflex表示,将以最高11亿美元的价格收购医疗设备公司NeoTract。

按照协议,泰利福将在交易完成时支付7.25亿美元的现金,以及最高3.75亿美元的销售里程碑付款。泰利福计划通过自身的循环信贷为此次收购提供资金。交易预计将小幅提升今年的调整后每股收益。

NeoTract成立于2004年,是一家专注于泌尿领域医疗设备研发的公司。此次收购将强化泰利福泌尿医疗设备产品组合,从而助力于其销售业绩的提升。

具体Business Wire原文报道如下:

Teleflex Incorporated(the “Company” or “Teleflex”) and NeoTract, Inc. announced that the companies have entered into a definitive agreement under which Teleflex will acquire NeoTract in a transaction valued up to $1.1 billion. 

Under the terms of the agreement, Teleflex will acquire NeoTract for an upfront cash payment of $725 million at closing, and up to an additional $375 million upon the achievement of certain commercial milestones related to sales through the end of 2020. 

The Boards of Directors of both Teleflex and NeoTract have unanimously approved the transaction. This transaction is subject to the satisfaction of customary closing conditions and is expected to close within the next 30 days.

Founded in 2004, NeoTract is a privately-held medical device company that has developed and commercialized the FDA-cleared UroLift® System, a novel, minimally invasive technology for treating lower urinary tract symptoms due to benign prostatic hyperplasia, or BPH. Performed primarily through a transurethral outpatient procedure, the UroLift® System delivers permanent implants that hold open the urethra, reducing the prostate obstruction without cutting, heating, or removing prostate tissue. NeoTract had revenues of approximately $51 million in 2016 compared to approximately $18 million in 2015, representing 178% year-over-year growth. During 2017, NeoTract’s revenues are expected to be between $115 million to $120 million, and we anticipate revenues to grow at least 40% in 2018.

“We are excited to announce this definitive agreement with NeoTract, as this combination is expected to solidify Teleflex’s ability to generate mid-single digit constant currency revenue growth for the next several years, as well as enhance Teleflex’s margin profile,” said Benson Smith, Chairman and Chief Executive Officer of Teleflex. “NeoTract is a truly unique company with a differentiated technology that targets a greater than $30 billion addressable market, and through their internally developed, patented UroLift® System, have achieved sequential quarterly revenue growth of 20% or greater in 13 of the past 14 quarters. Importantly, while we believe NeoTract has compelling growth opportunities as they continue to penetrate the market with their existing product, we look forward to potential longer-term benefits from their second generation UroLift® System, which is expected to launch in the second half of 2018, and being able to leverage our international distribution network moving forward.”

Added Smith, "Similar to Vascular Solutions, Vidacare and LMA, this transaction represents an opportunity to acquire a company that meets our key M&A objectives, which include obtaining a product portfolio that fits into our existing strategic business unit franchises and call points; products that provide a superior clinical benefit to existing alternatives and a cost benefit to hospitals; long product life cycles that benefit from patent protection; and the ability to further improve our financial profile. This transaction increases our scale within a call point that we already know quite well, and creates value for Teleflex shareholders by generating attractive financial returns.”

Dave Amerson, President and CEO of NeoTract, said, "We are excited to join the Teleflex organization, which shares our vision for making UroLift the standard of care for BPH. Today's announcement is a recognition of our focus on patient outcomes and the hard work and dedication of the entire NeoTract team. I want to especially thank Josh Makower, M.D., Founder and Chairman, Ted Lamson, Ph.D., Founder and Chief Technical Officer and Joe Catanese, Ph.D., Founder and VP Professional Education, who took UroLift from concept to reality. We have tremendous respect for the Teleflex team and look forward to partnering with them to continue changing patient lives and delivering best-in-class revenue growth."

STRATEGIC AND FINANCIAL BENEFITS AND TRANSACTION DETAILS

Expands Teleflex’s product portfolio into large BPH market opportunity: The addition of NeoTract will greatly enhance Teleflex’s presence in the urological market as NeoTract’s UroLift® System is a novel solution used to address a significant medical issue and targets a total addressable market estimated at over $30 billion.

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