Philips has announced that it has completed the acquisition of The Spectranetics Corporation, a US-based global leader in vascular intervention and lead management solutions. Spectranetics’ financial results will be consolidated as part of Philips’ Image-Guided Therapy business group as of 9 August 2017.
Spectranetics is currently growing double-digits and projects 2017 sales to be approximately US$300 million. The acquisition is expected to be revenue growth for Philips by 2018, a press release says.
“Spectranetics is a highly complementary addition to our Image-Guided Therapy business group and will strengthen its position in a €6 billion growth market,” said Frans van Houten, CEO of Royal Philips. “The completion of this acquisition will accelerate the realisation of our strategic expansion into therapy devices. The combination of Spectranetics’ highly competitive product range and our leading portfolio of interventional imaging systems, devices, software and services will deliver enhanced care for patients by enabling clinicians to decide, guide, treat and confirm the appropriate cardiac and peripheral vascular treatment.”
Spectranetics’ device portfolio includes a range of catheters to treat coronary and peripheral artery disease, and the removal of implanted pacemaker and implantable cardioverter defibrillator leads. The Stellarex drug-coated balloon is a key growth driver in this portfolio. It is a next generation drug-coated balloon that provides proven peripheral artery disease treatment and is backed by robust clinical evidence. The Stellarex drug-coated balloon is CE-marked and recently obtained US FDA premarket approval.
The acquisition of Spectranetics was structured as a merger under Section 251(h) of the General Corporation Law of the State of Delaware following the successful completion of Philips’ previously announced tender offer to purchase all outstanding shares of common stock of Spectranetics for US$38.50 per share in cash, without interest, less any applicable withholding taxes.