Subsequent events (Notes)

9 Months Ended

Oct. 01, 2017

Subsequent Events [Abstract]

Subsequent events

Note 16 — Subsequent event

NeoTract Acquisition

On October 2, 2017, the Company completed the acquisition of NeoTract, a privately-held company, pursuant to an Agreement and Plan of Merger, dated as of September 4, 2017. NeoTract is a medical device company that has developed and commercialized the UroLift® System, a minimally invasive medical device for treating lower urinary tract symptoms due to benign prostatic hyperplasia, or BPH. Under the terms of the agreement, the Company acquired NeoTract for an initial purchase price $725 million in cash, subject to customary purchase price adjustments. In addition, the agreement also provides for four milestone payments by the Company of up to $375 million in the aggregate if certain sales goals are met. The milestone payments are based on net sales (as defined in the agreement) for the periods from January 1, 2018 through April 30, 2018 and the years ended December 31, 2018, 2019 and 2020. The acquisition was financed using borrowings under the Company's revolving credit facility.