Philips said the deal for Hayward, Calif.-based CardioProlific is complementary to its $2.16 billion acquisition of Spectranetics (NSDQ:SPNC) and its own line of image-guided therapies.
“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.