Philips Picks Up Peripheral Thrombectomy Device Maker CardioProlific
Royal Philips (NYSE:PHG) last week said it paid an unspecified amount to acquire stealthy CardioProlific and the peripheral thrombectomy catheters it’s developing.
“The acquisition of CardioProlific will further strengthen our innovation pipeline of catheter-based therapy devices,” image-guided therapy business leader Bert van Meurs said in prepared remarks. “We are convinced that the development of CardioProlific’s differentiated thrombectomy technologies, combined with our suite of image-guided therapy solutions, will help our customers drive the procedure innovation for the treatment of peripheral vascular disease.”
The Dutch healthcare giant has been on a bit of an M&A spree lately. Apart from the Spectranetics deal, expected to close during the third quarter, Philips last week agreed to deal its Sonalleve MR-HIFU business to Profound Medical (TSX:PRN) for about $6 million worth PRN shares.
Toronto-based Profound said the deal calls for it to put up 7.4 million shares at 84.9¢ (C$1.10) apiece, representing a 22% premium over its closing price yesterday. The total deal value is $6.3 million (C$8.1 million)
The agreement also has earn-outs pegged to future revenues of 5% to 7% of Sonnalleve sales through 2020, the company said. Philips, which already sells Profound’s Tulsa-Pro prostate ablation system, also pledged to distribute the Sonalleve device which is mostly used to ablate uterine fibroids.