Medical technologies provider Teleflex has agreed to acquire US medical device firm Vascular Solutions for around $1bn.
As per the terms of the deal, Teleflex will purchase total issued and outstanding shares of Vascular Solutions common stock by paying $56 per share.
Established in 1997, Vascular Solutions is engaged in the development of clinical solutions for minimally invasive coronary and peripheral vascular procedures.
Its product portfolio includes around 90 products and services, which can be used by interventional cardiologists, interventional radiologists, electrophysiologists and vein specialists.
The combined company will provide around 150 cardiac, vascular and interventional access products to its customers.
The acquisition will allow Teleflex to expand its vascular and interventional businesses, in addition to entering into the coronary and peripheral vascular market.
Subject to the approval of Vascular Solutions’ shareholders and customary closing conditions, the deal is expected to complete in the first half of 2017.
Teleflex chairman and CEO Benson Smith said: “Vascular Solutions is a truly unique company with differentiated technologies serving the coronary and peripheral vascular markets.
“They have a demonstrated long-standing track record of delivering double-digit annual revenue growth, stemming from organically developed, patented products that address unmet clinical needs in high-value procedure categories.”
Vascular Solutions CEO Howard Root said: “We are delighted with this combination, which will further improve our commitment to coronary and peripheral vascular care by providing greater access to our innovative product offerings for patients around the world, while offering our shareholders immediate value.”
Teleflex products can be used in various applications, including vascular and interventional access, surgical, anesthesia, cardiac care, urology, emergency medicine and respiratory care.
Image: Teleflex to acquire US medical device firm Vascular Solutions. Photo: courtesy of adamr / FreeDigitalPhotos.net.