En Es
Categories

Industry News

Philips to Acquire Spectranetics Corporation

By HospiMedica International staff writers
03 Jul 2017

Image: Philips has entered into a definitive merger agreement to acquire Spectranetics, a provider of vascular intervention and lead management solutions (Photo courtesy of iStock).Royal Philips (Amsterdam, the Netherlands) has entered into a definitive merger agreement to acquire the Spectranetics Corporation (Colorado Springs, CO, USA), a provider of vascular intervention and lead management solutions.

Philips is a health technology company with a focus on diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. The company’s portfolio for the image-guided therapy market comprises of interventional imaging systems and devices, planning and navigation software, and services. Spectranetics develops, manufactures, markets and distributes medical devices used in minimally invasive procedures within the cardiovascular system. The company’s products are used to treat arterial blockages in the heart and legs and in the removal of pacemaker and defibrillator leads. Spectranetics' device portfolio includes a range of laser atherectomy catheters for treatment of blockages with laser energy in both coronary and peripheral arteries.

The acquisition of Spectranetics will further expand and strengthen Philips’ Image-Guided Therapy Business Group. With the acquisition, Philips expects new product introductions across a highly synergistic therapy device portfolio and further geographical expansion of Spectranetics’ products and commercialization opportunities in new, adjacent segments.

“Today’s exciting announcement follows a series of bolt-on acquisitions to strengthen our portfolio across the health continuum,” said Frans van Houten, CEO of Royal Philips. “Building on the successful integration of the Volcano acquisition in early 2015, we are now accelerating our strategic expansion into therapy devices with the agreement to acquire Spectranetics. This transaction is expected to be revenue growth and profit accretive by 2018, given the projected revenue and productivity synergies. Spectranetics’ highly competitive product range, integrated with our portfolio of interventional imaging systems, devices, software and services will enable clinicians to decide, guide, treat and confirm the appropriate cardiac and peripheral vascular treatment to deliver enhanced care for patients with better outcomes, as well as significantly boost recurring revenue streams for Philips.”

“We are pleased to announce this agreement with Philips, which will deliver significant value to our shareholders,” said Scott Drake, President and CEO of Spectranetics. “Combining Philips’ innovations in image-guided therapy with Spectranetics’ portfolio and expertise in the therapeutic device space will create exciting opportunities and allow us to accelerate growth. As part of Philips, we will have the scale and resources to expand Spectranetics’ portfolio of highly differentiated products, our robust innovation pipeline, and our clinical data compendium. This transaction is a testament to the hard work and dedication of Spectranetics’ talented teammates. We have tremendous respect for Philips, as our two companies have a shared view on the importance of culture, values, and innovation, as well as a shared focus on improving patients’ lives around the world. We look forward to a smooth transition.”



E-mail Print
FaceBook Twitter Google+ Linked in

Philips Healthcare

Operates in Diagnostic Imaging Systems, Patient Care and Clinical Informatics, Customer Services, and Home Healthcare with a strong presence in cardio-pulmonary, oncology and women’s health
More info

More articles about Philips Healthcare

09 Nov 2021
Philips Acquires Medical Technology Company Cardiologs to Expand Cardiac Diagnostics and Monitoring Portfolio
Royal Philips (Amsterdam, the Netherlands) has signed an agreement to acquire Cardiologs (Paris, France), a medical technology company focused on transforming cardiac diagnostics using artificial intelligence (AI) and cloud technology.
Read More
13 Apr 2021
Philips Collaborates with AI Startup Ibex to Accelerate Adoption of AI-Powered Digital Pathology Solutions
Royal Philips (Amsterdam, The Netherlands) and Ibex Medical Analytics (Tel Aviv, Israel) have entered into a strategic collaboration to jointly promote their digital pathology and AI solutions to hospitals, health networks and pathology labs worldwide.
Read More
09 Mar 2021
Philips' Diagnostic X-ray Suite to Incorporate Lunit's AI Software
Philips Healthcare (Amsterdam?, the Netherlands) has entered into a collaboration with Lunit (Seoul, Korea) that will make Lunit's AI software accessible to users of Philips' diagnostic X-ray solutions.
Read More
20 Jan 2021
Philips Acquires Capsule Technologies to Expand Leadership in Patient Care Management Solutions for Hospitals
Royal Philips (Amsterdam, the Netherlands) has signed an agreement to acquire Capsule Technologies, Inc. (Andover, MA, USA), a provider of medical device integration and data technologies for hospitals and healthcare organizations.
Read More
10 Mar 2020
Philips Receives Global AI for Enhanced Radiology Interpretation Company of The Year Award from Frost & Sullivan
 Philips Healthcare (Amsterdam?, Noord-Holland) has been recognized with the 2019 Global Company of the Year Award by Frost & Sullivan, based on its recent analysis of the global market for Artificial Intelligence (AI) for enhanced radiology interpretation market. Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.
Read More
05 Apr 2019
Philips Acquires Direct Radiology Teleradiology Platform
Royal Philips is expanding its radiology solutions portfolio with innovative teleradiology services, aimed at addressing the increasing shortage of radiologists, as well as the pressing need to improve access to precision diagnoses.
Read More
30 Oct 2018
Philips Launches Start-Up AI Collaboration Program
Royal Philips has launched its first global start-up collaboration program involving the company’s innovation hubs in Cambridge, US, Eindhoven, the Netherlands, Bangalore, India and Shanghai, China focused on the application of artificial intelligence (AI) in healthcare. The program focuses on the application of AI-based clinical decision support tools, such as image interpretation, analysis and integration, and workflow tools, such as intelligent treatment plans for radiology, ultrasound and oncology.
Read More
22 Aug 2018
Intel and Philips Partner to Speed Up Imaging Analysis Using AI
Intel Corporation and Royal Philips have tested two healthcare use cases for deep learning inference models: one on X-rays of bones for bone-age-prediction modeling and the other on CT scans of lungs for lung segmentation. In these tests, which were conducted using Intel Xeon Scalable processors and the OpenVINO toolkit, the researchers achieved a speed improvement of 188 times for the bone-age-prediction model and 38 times for the lung-segmentation model over the baseline measurements. These tests show that healthcare organizations can implement artificial intelligence (AI) workloads without expensive hardware investments.
Read More

Additional news

27 Jun 2022
Robot-Assisted Surgical Devices Market Driven by Increased Demand for Patient-Specific Surgeries
Given the growing incidence of lifestyle diseases and demand for affordable healthcare, effective surgery using robotic devices can result in a decline in treatment costs and drive the growth of the global robot-assisted surgical devices (RASD) market.
Read More
24 Jun 2022
Fujirebio Acquires ADx NeuroSciences to Speed Development of Neurodegenerative Diseases Diagnostic Tests
Fujirebio Holdings, Inc. (Tokyo, Japan) has announced the acquisition of ADx NeuroSciences (Gent, Belgium) for EUR 40 million in a deal that is expected to close in July 2022, pending the satisfaction of customary closing conditions.
Read More
23 Jun 2022
Hospital Microbiology Testing Market Driven by Increasing Prevalence of Chronic Diseases
Rising medical expenditure as well as the presence of well-established modern healthcare infrastructure in various developed as well as developing regions is fueling the growth of the global hospital microbiology testing market.
Read More
22 Jun 2022
Global Minimally Invasive Surgery (MIS) Market to Surpass USD 325 Billion by 2031
The global MIS market is projected to surpass USD 325 billion by 2031, driven by growing patient awareness of the advantages of MIS over open surgeries, continuous innovation in surgical robots, and constant advancements in other MIS-associated technologies during the 2022-2031 forecast period.
Read More
21 Jun 2022
Medix Biochemica Acquires IVD Raw Materials Producer Bioresource Technology
Medix Biochemica (Espoo, Finland) has acquired 100% of the shares of Bioresource Technology (BRT, Weston, FL, USA) to broaden its base matrix capabilities and further strengthen its local presence in the US market.
Read More
21 Jun 2022
Global Bedside Testing Market to Witness Promising Prospects in Critical Care
Point-of-care or point-of-use diagnostics, also known as bedside testing, has gained increased prominence in analytical testing over the past few years as it provides clinically relevant information without the need for a dedicated laboratory.
Read More
20 Jun 2022
Global Sepsis Diagnostics Market Driven by Rising Hospital-Acquired Illnesses
The global sepsis diagnostics market is expected to grow at a CAGR of 8.3% during the period 2022-2028 to reach almost USD 0.88 billion by 2028, driven by a rise in the number of hospital-acquired illnesses and the rapidly growing molecular diagnostics market, although the high cost of automated diagnostic instruments could hamper market growth.
Read More
14 Jun 2022
BD Partners with Mayo Clinic Platform for Access to World's Largest Collection of Clinical Data
Becton, Dickinson and Company (BD, Franklin Lakes, NJ, USA) has entered into a collaboration with Mayo Clinic Platform (Rochester, MN, USA) to access de-identified patient data from Mayo Clinic Platform_Discover.
Read More
14 Jun 2022
Quidel Partners with Global Lyme Alliance, Leads in Lyme Disease Testing
Quidel Corporation (San Diego, CA, USA) is joining forces with Global Lyme Alliance (Stamford, CT, USA) to heighten public awareness around Lyme disease during Lyme Disease Awareness Month (in May) and beyond.
Read More
Copyright © 2000-2022 TradeMed.com. All rights reserved. | Terms And Conditions