Royal Philips (NYSE:PHG) announced today that it agreed to acquire Intact Vascular in a deal worth approximately $275 million upfront.
Wayne, Pa.-based Intact Vascular makes the Tack specialized implantable device for treating peripheral artery disease (PAD). The Tack endovascular system reinforces standard and drug-coated balloon PAD treatment results as a first-of-its-kind, minimal-metal, dissection repair device for treating peripheral arterial dissections after balloon angioplasty in above-the-knee and below-the-knee interventions.
Tack leaves less metal behind when compared to stents, preserving future treatment options and limbs while also offering a solution for repairing dissections and optimizing post-angioplasty outcomes, according to a news release.
Philips’ acquisition is worth the $275 million upfront with deferred payments for which the company expects to recognize a provision of $85 million upon the completion of the transaction. Intact Vascular will join Philip’s image-guided therapy business.
“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,” Philips senior VP & GM of image-guided therapy devices Chris Landon said in the release. “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.”
“We are excited about the strategic fit between our team, expertise and unique therapeutic device, and Philips’ image-guided therapy business,” added Intact Vascular president & CEO Bruce Shook. “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.”