Teleflex has completed the acquisition of Hotspur Technologies, a developer of catheter-based technologies, for an up-front payment of $15m.
The acquisition will add a new technology to Teleflex's product portfolio, which is designed to make procedures to open blocked blood vessels.
Teleflex president, CEO and chairman Benson Smith said with the acquisition, the company broadens and strengthens its product portfolio that addresses the estimated $1bn market opportunity for dialysis access and peripheral percutaneous transluminal angioplasty balloons.
"We believe the multi-function catheters based on the proprietary VisioValve technology are the most innovative in the PTA balloon market and provide clear advantages over current treatment options," Smith added.
Hotspur's catheters which utilizes VisioValve technology include GPSCath, IQCath balloon dilatation catheters and the Keeper embolectomy catheter.
Teleflex said based upon the achievement of certain regulatory and revenue milestones over the next several years, it will make certain additional payments to Hotspur.
