Teleflex announced plans on Wednesday to acquire Palette Life Sciences, the maker of a slate of gel-based products treating urological disorders. The vascular device manufacturer will pay $600 million upfront, and plans to use Palette’s portfolio to treat more urinary tract and reproductive health conditions.
Palette will bring Teleflex an extra $56 million in sales, the company estimated in a press release. Teleflex develops a range of devices, but makes the most money from vascular products like catheters. The company offers just one urological treatment: the UroLift system to relieve an enlarged prostate. With Palette, it will gain five more treatments all built from hyaluronic acid, a stretchy material that’s meant to last longer in the human body.
Palette’s highest-revenue device is Barrigel, which helps protect the rectum from harsh radiation administered to prostate cancer patients. It eases symptoms like bladder inflammation, bleeding, and diarrhea. The device received FDA clearance in May 2022 through the 510(k) process, which allowed Palette to claim the product was equivalent to a rectal radiation protector sold by Boston Scientific. Boston Scientific has sold that device since 2018, when it acquired it by buying the startup Augmenix for $500 million.