Teleflex (NYSE:TFX) has streamlined its orthopedics business in a $45 million transaction and has acquired a catheter business for $15 million in back-to-back deals to diversify its medical device businesses.
Teleflex is selling two parts of its OEM orthopedics business to Tecomet: Beere Medical, which provides custom surgical instruments for orthopedic and spinal surgery, and SMD, which produces micromachined intricate components and devices such as implant systems, rods, screws, connectors and implant insertion instruments.
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The sale is intended to help the Limerick, Pennsylvania-based company focus on investing in late-stage innovative technologies to support its long-term growth, said Benson F. Smith, Teleflex chairman and CEO, in a company statement. Cue acquisition of four-year-old catheter company Hotspur Technologies.
The transaction gives it three multifunction catheters with 510(k) clearance from the U.S. Food and Drug Administration and CE Mark approval in Europe. The Hotspur catheters use a balloon and fluid to open blocked blood vessels and are designed to be cost effective and efficient. Catheters account for 44 percent of Teleflex’s cardiac care business. Teleflex has more than six different types of catheters including an intra-aortic balloon pump used to increase oxygen delivery to cardiac muscles and reduce oxygen demand after surgery, a heart attack or interventional procedures, according to its annual report.
Last month, the company acquired Semprus BioSciences, an MIT spinout with antimicrobial technology to reduce the attachment of platelets and blood proteins at the surface of devices in a $30 million deal.
Earlier this year, Teleflex got 510(k) clearance for a device to reduce complications commonly associated with epidural catheters like transient paresthesia (a sensation of tingling, pricking or numbness of a person’s skin) and inadvertent penetration of blood vessels or the dura, according to the company’s annual report.
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