(Bloomberg) -- Teleflex Inc. is in discussions to acquire German medical technology firm Biotronik SE & Co.’s vascular intervention unit, according to people familiar with the matter.
Teleflex is offering to buy the Biotronik business for €500 million ($526 million) to €1 billion, said the people, who asked not to be identified as the information is private. An agreement could be reached as soon as this month, another person said.
The Biotronik’s unit up for sale manufactures stents and balloon catheters to treat blocked blood vessels. Teleflex, a maker of medical devices and hospital supplies, faced headwinds in this area when it had to recall some of its balloon catheters earlier this year, with the US Food and Drug Administration saying that a manufacturing defect could result in serious injury or death.
Shares of Teleflex have fallen almost 25% this year, giving the Wayne, Pennsylvania-based company a market value of $8.7 billion.
Berlin-based Biotronik has been working with Goldman Sachs Group Inc. on the potential divestment of the vascular intervention unit, the people said. The potential sales proceeds could help pay off some of its debts incurred during its expansion in recent years. In 2023, it concluded a financing package worth €860 million with a consortium of banks, with maturities extending into 2026, according to the company register.
Deliberations are ongoing and could still fall apart, while Biotronik could also decide to keep the asset for longer, the people said. Representatives for Teleflex, Biotronik and Goldman Sachs declined to comment.
--With assistance from Libby Cherry and Gerry Smith.
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