Teleflex acquires Semprus BioSciences for $80 million

Notes:

$30M plus $50M in earn-outs.

Pangaea Ventures also invested.

PRESS RELEASE

Teleflex Inc., a company that provides medical devices globally for critical care and surgery, said today it has acquired Cambridge biomedical company Semprus BioSciences, which was spun out from the Massachusetts Institute of Technology.

Teleflex, which is based in Limerick, Pa., said it paid $30 million upfront for Semprus and may be required to make additional payments based upon the achievement of certain regulatory and revenue milestones over the next several years.

The company will also acquire Semprus’ Sustain technology as part of the deal, a long-lasting polymer designed to reduce the attachment of platelets and blood proteins at the device surface.

Teleflex president and CEO Benson Smith said the company was “excited about the potential for a broad array of our products with this technology to reduce infection and thrombus-related complications for patients, as well as the resulting substantial health-care costs which often arise when medical devices are implanted in the body.”

Semprus was created by MIT graduate students David Lucchino and Christopher Loose. In December 2010, the company completed an $18 million Series B financing co-led by SR One, the corporate venture capital arm of GlaxoSmithKline, and national health-care venture capital investment firm Foundation Medical Partners.