Netherlands-based Royal Philips has entered an agreement to purchase US-based Electrical Geodesics (EGI) for €32.9m
EGI designs, develops and commercialises various non-invasive technologies to monitor and interpret brain activity and, with the acquisition, Philips intends to establish a portfolio of neurological imaging, mapping and therapy guidance.
Philips’ current range of neurological imaging technologies and advanced informatics are expected to be complemented by EGI’s EEG hardware, software and acquisition sensors line.
Philips Neuro Diagnostics business leader Joe Burnett said: “This acquisition will enable Philips to provide an integrated neurology solution comprising diagnostic imaging and clinical informatics to assess brain anatomy and physiological processes, and EEG mapping tools from EGI to measure electrical brain activity.”
Philips will leverage the combined portfolios for neurological disorders such as Parkinson’s disease, stroke, epilepsy and traumatic brain injury.
The firm plans to use the integrated tools to create a comprehensive map of the brain and unlock new computational algorithms to aid in shortening the steps required for definitive diagnosis and treatment strategies.
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EGI founder and CEO Don Tucker said: “We will now complete the important work that we started 25 years ago, as part of a health technology leader that is known for its commitment to research and innovation.
“Our goal has always been to put the patient first and we feel this combination to be a perfect match.”
Subject to customary closing conditions, the acquisition is expected to be completed in the third quarter of this year.
Image: Philips strengthens neurological imaging portfolio. Photo: courtesy of Koninklijke Philips NV