Royal Philips has agreed to acquire US-based medical devices firm Intact Vascular, which specialises in minimally invasive peripheral vascular procedures, for an upfront cash consideration of $275m.
The deal also includes deferred payments for which the company expects to recognise a provision of $85m upon closing of the transaction.
The acquisition will enable Philips to enhance its image-guided therapy portfolio. Furthermore, Intact Vascular’s implantable device combined with the company’s interventional imaging platform and diagnostic and therapeutic devices is expected to enhance the treatment for Peripheral Artery Disease (PAD).
PhilipsImage Guided Therapy Devices senior vice president and general manager Chris Landon said: “Acquiring Intact Vascular will expand our portfolio of minimally invasive therapy options for peripheral artery disease with the tack endovascular system, a much-needed implant that effectively restores blood flow in small limb vessels, promotes healing and preserves limbs.
“Through the integration of our interventional imaging systems and diagnostic and therapeutic devices, we will be able to provide clinicians with a complete procedural solution to optimise the treatment of patients with this disease.”
The addition of Intact Vascular’s tack endovascular system is said to further enhance Philips’ peripheral vascular portfolio that consists of advanced interventional imaging systems, intravascular ultrasound (IVUS) catheters, peripheral atherectomy devices and peripheral therapy devices.
Tack Endovascular System is a minimal-metal, dissection repair device for the precision treatment of peripheral arterial dissections after balloon angioplasty in above-the-knee (ATK) and below-the-knee (BTK) therapeutic interventions.
Intact Vascular president and CEOBruce Shook said: “We are excited about the strategic fit between our team, expertise and unique therapeutic device, and Philips’ Image-Guided Therapy business.
“We share the same vision of complete procedural solutions to improve existing procedures and expand treatment options. We look forward to completing the transaction and working closely with Philips on a seamless transition.”
The transaction is expected to be completed in the third quarter of this year, subject to customary closing conditions.