Teleflex (NYSE: TFX) (NYSE: TFX) + this week completed the previously announced acquisition of Palette Life Sciences.
The Wayne, Pennsylvania-based company first announced the acquisition in July. Under the terms of the agreement, Teleflex bought Palette for an upfront cash payment of $600 million at closing, with additional consideration of up to $50 million upon the achievement of certain commercial milestones.
The acquisition boosts Teleflex’s interventional urology platform which includes its UroLift system. Palette develops a non-animalized stabilized hyaluronic acid (NASHA) spacer and tissue bulking products. The company estimates standalone revenues of approximately $56 million in 2023.
Teleflex said in a news release that it expects to the acquisition to be approximately 25¢ dilutive to adjusted earnings per share. For 2024, the transaction is expected to deliver a high-teems to low 20% revenue grow…