Laborie Medical Technologies has concluded the previously announced acquisition of medical device company Urotronic.
In September of this year, Laborie first signed an agreement to acquire Urotronic in a transaction valued at up to $600m.
The deal includes a $255m upfront cash payment and up to another $345m in potential commercial and reimbursement milestone payments.
As part of the transaction, Urotronic and its employees will be completely integrated into Laborie.
Laborie president and CEO Michael Frazzette said: “We are delighted to welcome the Urotronic team to Laborie and we look forward to working together in our mission to deliver innovative technologies in the Interventional Urology space that preserve and restore human dignity.”
Urotronic developed Optilume drug-coated balloon technology that is used in interventional urology for the treatment of urethral strictures and benign prostatic hyperplasia (BPH) or enlarged prostate conditions.
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It is a new minimally invasive surgical therapy that integrates mechanical dilation with the delivery of paclitaxel for the treatment of lower urinary tract symptoms secondary to urological BPH stricture.
The company received approval from the US Food and Drug Administration and CE Mark for its Optilume products.
Urotronic president and CEO David Perry said: “Over the last several years, we have seen our partnership develop because we are united on a goal to improve the standard of care for patients and commercialise Optilume products on a global stage.”