Palette Life Sciences Enters Into Definitive Agreement with Teleflex Incorporated
26 Julho 2023 - 7:44AM
Palette Life Sciences, a fully-integrated global life sciences
company dedicated to improving patient outcomes, today announced it
has entered into a definitive agreement to be acquired by Teleflex
Incorporated (NYSE:TFX), for an upfront cash payment of $600
million at closing, and up to an additional $50
million upon the achievement of certain commercial milestones.
The acquisition is subject to customary closing conditions,
including receipt of certain regulatory approvals, and is expected
to be completed in the fourth quarter of 2023.
The acquisition solidifies plans for the global commercial
expansion of the Palette Life Sciences portfolio of Non-Animal
Stabilized Hyaluronic Acid (NASHA)-based products, including
Barrigel®, Deflux® and Solesta®. Barrigel®, the first and only
hyaluronic acid rectal spacer that significantly reduces
radiation delivered to the rectum during prostate cancer
radiation therapy, received U.S. Food and Drug Administration (FDA)
510(k) clearance in 2022. Barrigel® has achieved substantial growth
in many global markets because of its unique control over placement
and visibility during injection procedures. Deflux® and Solesta®,
which are also NASHA-based products, are tissue bulking agents
designed to treat pediatric vesicoureteral reflux and incontinence,
respectively.
“The original founding vision for Palette Life Sciences was to
disrupt the rectal spacing market with a new product innovation
that would serve as a better option for doctors and their
patients,” said Travis Gay, Chief Commercial Officer and co-Founder
of Palette Life Sciences. “As a result, Palette would achieve
strong market growth and expansion, creating high value for
patients and shareholders alike. Entering into the agreement with
Teleflex serves as an important milestone in achieving our
vision.”
With radiation treatment trends increasing, the market for
Barrigel® is expected to continue to grow. Barrigel® is cleared for
marketing in the US, Australia, and is CE Marked.
“We are extremely excited to add Palette Life Sciences products
into Teleflex’s Interventional Urology portfolio,” said James
Leech, Chief Business Officer of Palette Life Sciences. Per Langoe,
Chief Executive Officer and co-Founder of Palette Life Sciences
said, “Teleflex is an excellent fit for our products and team. The
synergies between the companies’ portfolios, specifically within
the urology call point, create an exciting opportunity for
continued high growth and market access expansion. The two
companies have a shared view of the importance of medical education
and training as well as continued clinical development that can
lead towards best-in-class patient care.”
“The rapid commercial growth of products like Barrigel® is the
direct result of the distinct culture that has defined Palette Life
Sciences,” said Ole Mikkelsen, Chief Operating Officer at Palette
Life Sciences. “Recognizing the tremendous contributions from every
corner of this organization, we are excited to deliver solutions to
patients globally.”
AdvisorsGuggenheim Securities is acting as
financial advisor to Palette Life Sciences and Faber Daeufer &
Itrato PC, Advokatfirman Lindahl KB, Wilson Sonsini Goodrich &
Rosati PC, and Hogan Lovells LLP are serving as legal counsel.
About Palette Life SciencesPalette Life
Sciences is a fully integrated life sciences company. Palette Life
Sciences’ products improve patient outcomes in urology and
urogynecology disorders, colorectal conditions, radiotherapy, and
interventional oncology procedures. The company’s portfolio of
available products includes Barrigel®, Deflux®, Solesta®, and
Lidbree™. Palette Life Sciences moves rapidly to leverage novel
applications of existing technologies to create breakthrough
medical solutions. This focus enables the company to serve those
often overlooked by traditional medical companies and improve
patient quality of life. Led by experienced healthcare executives,
Palette Life Sciences is headquartered in Stockholm, Sweden, with
offices in Santa Barbara, California, Dallas, Texas, Sydney,
Australia and Tokyo, Japan. Learn more at
http://www.palettelifesciences.com.
Media Contacts
Palette Life SciencesGlenn Silver Lazar-FINN
PartnersGlenn.Silver@finnpartners.com(646) 871-8485
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