Acquisition will accelerate global commercial expansion of the company’s product portfolio, including Barrigel®
SANTA BARBARA, Calif. and STOCKHOLM, Sweden, July 26, 2023 (GLOBE NEWSWIRE) -- 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.”
Guggenheim 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 Sciences
Palette 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.
Palette Life Sciences