Teleflex picks up Essential Medical and its Manta vascular closure device

Teleflex (NYSE:TFX) said yesterday that it acquired Essential Medical and its Manta vascular closure device for an unspecified amount.

Manta is designed to close punctures at femoral arterial access sites after catheterization procedures, including transcatheter aortic valve replacements, endovascular treatment of abdominal aortic aneurysms, ventricular assist procedures and balloon aortic valvuloplasties.

Exton, Pa.-based Essential won CE Mark approval in the European Union for Manta in July 2016 and is seeking pre-market approval from the FDA. The federal safety watchdog granted an investigational device exemption for a trial of Essential’s X-Seal 6F vascular closure device in August 2016.

“We are very excited to announce this acquisition, which expands our presence in the structural heart and endovascular aneurysm repair markets. The Manta vascular closure device represents a truly innovative solution to address closure-related complications and high costs associated with many large and rapidly growing interventional procedure categories,” president & CEO Liam Kelly said in prepared remarks. “Physician adoption of the Manta device in international markets has been impressive, with over 8,100 procedures completed to date across a number of countries in the EU. We believe we can leverage our strong presence in the interventional cardiology market to accelerate adoption and growth of this breakthrough technology worldwide. Following the anticipated FDA premarket approval of the Manta device in 2019, we expect the acquisition will be modestly accretive to our constant currency revenue growth and gross margins over a multi-year period.”

“The combination of Teleflex and Essential Medical provides an excellent opportunity to maximize physician and patient access to the Manta vascular closure device,” added Essential Medical co-founder, president & CEO Greg Walters. “We are delighted to become an important part of Teleflex’s interventional cardiology business.”

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