San Antonio Medtech Firm Vidacare Sold for $262M
Vidacare, a San Antonio medical device company, is being acquired by Teleflex (NYSE: TFX) in a $262.5 million, all-cash deal.
The Texas company produces a driver-and-needle system to access spaces inside bones for diagnostic and therapeutic treatments in vascular and emergency medicine, as well as in cancer.
“I believe that this merger represents a unique opportunity for the combined companies to strategically expand and grow Vidacare’s intraosseous access technology platform,” said Mark Mellin, the company’s president and CEO in a prepared statement.
Vidacare employs 165 people worldwide and its products are approved in 55 countries. Mellin was unavailable Wednesday for comment. Larry Miller founded Vidacare in 2001 and currently is the company’s chief medical officer and an Xconomist.
Based in Limerick, PA, Teleflex began in 1943 with a multi-strand helical cable and a gear that could convert push-pull motions into rotary motions and was used by pilots during World War II to adjust the radios in their Spitfire planes. Today, Teleflex is solely a medical device firm that employs about 11,500 people worldwide and has clients in more than 140 countries.
The all-cash transaction includes Vidacare’s net cash, which was not disclosed in the release.