Wayne’s Teleflex has agreed to buy NeoTract – maker of the UroLift, a urinary tract implant – for up to $1.1 billion, writes Joseph DiStefano for the Philadelphia Inquirer.

UroLift helps men who are struggling with urinating due to benign prostatic hyperplasia, which swells the prostate gland by keeping the urethra open.

Teleflex has agreed to an up-front payment of $725 million, with up to an additional $375 million if NeoTract manages to meet its sales goals through 2020.

This is more than 14 times higher than the $51 million in sales generated by NeoTract last year, making it a high premium for a mature business. However, Teleflex is taking into account the ongoing popularity of UroLift. It has generated a 20 percent increase in sales in 13 of the last 14 quarters, according to Teleflex chief executive Benson Smith.

He said that NeoTract continues to penetrate the market, and is working on the next generation UroLift, which should further boost global sales from next summer.

The deal has already been approved by both boards, and Teleflex is hoping to complete the acquisition in the next 30 days.

Read more about the acquisition of NeoTract in the Philadelphia Inquirer here, and check out previous VISTA Today coverage of Teleflex here.