Medical technologies provider Teleflex has signed a definitive agreement to take over Palette Life Sciences for an upfront cash deal of $600m.

Palette will also receive an additional $50m from Teleflex based on certain commercial milestone achievements.

With the addition of non-animal stabilised hyaluronic acid (NASHA) spacer and tissue bulking products, the acquisition will broaden the Teleflex Interventional Urology portfolio, encompassing the UroLift System.

The new additions via the acquisition will help enhance patient outcomes in urology and urogynecology disorders, colorectal conditions and radiation oncology procedures.

Palette offers Barrigel, a NASHA spacer intended to reduce radiation delivered to the rectum during prostate cancer radiation therapy while enhancing tumour control.

Designed to be easily shaped, Barrigel is clearly visible on transrectal ultrasound and can be assembled in one step at any location. It is also biodegradable and reversible.

Palette's portfolio also features Deflux and Solesta, the two NASHA-based tissue bulking agents specifically developed to address paediatric vesicoureteral reflux and faecal incontinence, respectively.

Teleflex chairman, president and CEO Liam Kelly said: “The acquisition of Palette Life Sciences will allow us to incorporate this exciting technology into our interventional urology business unit and bring urologists, radiation oncologists and other specialists more innovative technologies that can positively impact patient care.

“The transaction is consistent with our strategy to acquire assets that are accretive to Teleflex’s growth rate.”

Subject to customary closing conditions, the deal is expected to be completed in the fourth quarter of this year.