(Reuters) - Medical device maker Teleflex Inc said on Tuesday it would buy privately held NeoTract Inc in its second billion-dollar deal in the past nine months, to strengthen its portfolio of urology devices.

Teleflex, which also makes emergency care, respiratory and cardiac devices, said the deal’s value could rise to $1.1 billion based on sales of NeoTract’s sole device, UroLift System, which targets a market worth more than $30 billion.

The deal is Teleflex’s 23rd since 2008, according to Thomson Reuters data, and comes after its $1 billion acquisition of Vascular Solutions in December for its minimally invasive coronary and vascular devices. That deal closed in February.

Teleflex will pay NeoTract $725 million when the deal closes, expected within the next 30 days, and an additional $375 million when it hits certain sales milestones through 2020.

“While Teleflex is paying a high price, we view NeoTract as a unique asset given its highly differentiated technology, large potential market, rapid growth, long-term clinical data, and strong patent protection,” Needham analyst Mike Matson wrote in a client note.

NeoTract’s UroLift is a minimally invasive device to treat men with lower urinary tract symptoms due to an enlarged prostate. A second-generation UroLift is due in the second half of 2018.

NeoTract’s revenue is expected to be between $115 million and $120 million this year, compared with about $51 million in 2016, and is estimated to increase at least 40 percent in 2018, the companies said in a joint statement.

The deal will help Teleflex increase its revenue in the mid-single digit percentage range for the next several years, as well as boost its margin profile, the companies said.

Teleflex’s revenue increased 3.2 percent in 2016 and is estimated to rise about 12 percent this year, mainly due to the Vascular Solutions deal, before tapering off to 3.2 percent by 2020, according to Thomson Reuters I/B/E/S.

The deal is expected to slightly hurt Teleflex’s adjusted earnings this year, be neutral to profits next year and add 35-40 cents from 2019, the companies said.

NeoTract will operate as a standalone business after the deal closes, Teleflex said.

Guggenheim Securities is Teleflex’s financial adviser and Simpson Thacher & Bartlett LLP its legal adviser.

J.P. Morgan Securities LLC is advising NeoTract and Wilson Sonsini Goodrich & Rosati is its legal counsel.

Wayne, Pennsylvania-based Teleflex’s shares were flat at $210.86 in afternoon trading on Tuesday.