Philips will pay Intact Vascular a consideration of $275m in upfront cash, along with an additional $85m in deferred payments
Philips to acquire Intact Vascular to enhance the portfolio of image-guided therapy devices. (Credit: Koninklijke Philips N.V.)
Health technology company Royal Philips has agreed to acquire Intact Vascular, a privately held medical device company, to enhance its image-guided therapy portfolio.
Philips will pay Intact Vascular an upfront cash consideration of $275m, along with an additional $85m in deferred payments, upon closing of the transaction.
Established in 2011 in Wayne, Pennsylvania, Intact Vascular is a developer of medical devices for minimally-invasive peripheral vascular procedures. With the closing of the transaction, Intact Vascular will operate as Philips’ Image-Guided Therapy business.
The transaction is expected to combine Philips’ interventional imaging platform and diagnostic and therapeutic devices with Intact Vascular’s specialised implantable device to optimise the treatment of Peripheral Artery Disease (PAD).
Philips image-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 optimize the treatment of patients with this disease.”
Intact Vascular to strengthen Philips’ peripheral atherectomy portfolio
PAD is caused due to accumulation of plaque in arteries, which reduces the flow of blood to the limbs, predominantly to the legs. Symptoms of the disease include recurrent fatigue, leg pain, and foot or leg wounds with very slow or no healing, while Critical Limb Ischemia (CLI) is an advanced stage of PAD.
Philips has a portfolio of peripheral vascular devices that includes advanced interventional imaging systems for precision guidance, intravascular ultrasound (IVUS) catheters to determine the location of the disease and guide the treatment, peripheral therapy devices including Philips Stellarex drug-coated balloon.
The acquisition of Intact Vascular would reinforce the company’s portfolio of peripheral atherectomy devices with the Tack Endovascular System, and Tack implant.
Tack Endovascular offers standard and drug-coated balloon PAD treatment, Tack implant delivers precision treatment of peripheral arterial dissections after balloon angioplasty in above-the-knee (ATK) and below-the-knee (BTK) therapeutic interventions.
The transaction is expected to be completed in the third quarter of 2020, subject to customary closing conditions.
Intact Vascular president and CEO Bruce 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.”