Teleflex investment in MIT spinoff pays off
Teleflex ($TFX) won FDA clearance to market a new vascular access catheter, a product enhanced with technology it acquired earlier this year through the company's $30 million purchase of MIT spin-out Semprus Biosciences.
The 510(k) nod came through for Teleflex's Nylus-brand peripherally inserted central catheter, which gained a CE mark in July. Teleflex says Nylus stands out, in part because it uses Semprus' Sustain polymer coating, which is designed to stop platelets and blood proteins from sticking to implants. Teleflex said the approval came partly through testing that showed its Nylus product reduced platelet adhesion and blood clot formation by nearly 100% in both in vitro and animal trials.
Teleflex has been on an M&A quest in recent months as it focuses on growing through the acquisition of new products and technology. That strategy has led to a steady growth in net revenue but foreign currency fluctuations have dampened those gains and also hampered the larger growth of net revenue.
Other than the Semprus deal, Teleflex spent $45.2 million for LMA International, a maker of laryngeal masks, and also bought catheter producer Hotspur Technologies for $15 million. Additionally, Teleflex sold its orthopedics business to Tecomet for $45.2 million.
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