Teleflex Inc., a maker of medical and aerospace equipment, said Monday it bought privately-held VasoNova for $55 million, gaining technology used for catheter placement.
Venous catheters are tubes inserted into a vein and used to deliver fluids or medication. VasoNova is based in Menlo Park, Calif.
Under the deal, Teleflex paid $25 million upfront and will make additional payments of $15 million to $30 million based on regulatory and revenue targets over the next three years.
Shares of Teleflex rose 6 cents to $54.20 in afternoon trading.