The Firm is representing Laborie Medical Technologies, Inc., a Patricia Industries portfolio company, in connection with its definitive agreement to acquire Urotronic, Inc. The transaction consists of an upfront cash payment of $255 million and up to an additional $345 million in potential commercial and reimbursement milestone payments. The transaction is expected to be completed during the fourth quarter 2023.
In conjunction with the Urotronic acquisition, Laborie will also make a $5 million strategic equity investment into GIE Medical, Inc., a clinical stage company spun out of Urotronicm which is developing drug-coated balloon technology for treatment of strictures within the gastrointestinal tract which could, like Optilume urethral strictures, offer a highly differentiated and innovative solution for treatment of these conditions.
Urotronic, headquartered in Plymouth, Minnesota, is a medical device company currently conducting clinical trials to support global commercialization of their products. The Optilume® drug-coated balloon technology provides a minimally invasive treatment option for men suffering from urinary tract conditions like urethral strictures and benign prostatic hyperplasia. The drug-coated balloon technology creates a paradigm change from the methods currently used by urologists to treat these conditions.
Headquartered in Portsmouth, New Hampshire, Laborie is a global medical technology company focused on Urology, Urogynecology, Gastroenterology, Obstetrics, Gynecology & Neonatal Health. Laborie manufactures and delivers high-quality, high-impact diagnostic and therapeutic products that help clinicians and hospitals preserve and restore patient dignity.
Patricia Industries is a long-term owner that invests in companies and works to develop each company to its full potential. Patricia Industries is a part of the industrial holding company Investor AB, whose main owner is the Wallenberg Foundations.
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