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.
We are leading provider of Sales Talent in the Medical Device and B2B Industries
We help our clients build Winning sales teams by attracting the best Sales Talent in the country. We specialize in bringing our customers top performing Sales candidates that will make a difference in driving growth and outperforming the competition.
Our Clients range from blue-chip companies to leading edge small, medium and startup enterprises.
David Bagga is the country’s leading medical Device Sales Recruiter and Coach, ranked in the top 1% by LinkedIn.
Contact us to discuss your recruiting needs or if you would like to grow your career in the exciting field of Medical Device Sales.
Comments
