Wayne-based Teleflex has entered into an agreement to acquire Ohio-based Standard Bariatrics in a deal valued at up to $300 million, writes John George for the Philadelphia Business Journals. 

Under the agreement, the medical technology company will pay $170 million upfront to Standard Bariatrics, along with another $130 million if certain commercial milestones are met. 

The deal is expected to close early in the fourth quarter of 2022, subject to regulatory approvals. 

Standard Bariatrics is the developer of powered stapling technology used in bariatric weight loss surgery. 

According to Teleflex CEO Liam Kelly, this acquisition will provide the company with a “differentiated product serving the large and growing sleeve gastrectomy market,” used in an estimated 120,000 procedures annually in the U.S. 

Read more about Teleflex in the Philadelphia Business Journals.