Philips to acquire Intact Vascular with upfront cash offer of $275 million

por John R. Fischer, Senior Reporter | August 28, 2020
Business Affairs Cardiology
Philips is set to acquire Intact Vascular.
Royal Philips is set to acquire Intact Vascular for an upfront cash consideration of $275 million (€234 million) — a move that expands its image-guided therapy portfolio.

A U.S. developer of medical devices for minimally-invasive peripheral vascular procedures, Intact Vascular will integrate its specialized implantable device, Tack Endovascular System, for treating Peripheral Artery Disease (PAD) with Philips’ interventional imaging platform and diagnostic and therapeutic devices.

"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,” said Chris Landon, senior vice president and general manager of image-guided therapy devices at Philips.

PAD affects more than 200 million people worldwide, with plaque building up in the arteries and reducing blood flow to the limbs, most commonly the legs. This can lead to recurrent fatigue, leg pain, foot or leg wounds, and critical limb ischemia (CLI), an advanced stage of PAD that is associated with high rates of amputation and mortality.

The Tack Endovascular System enables patients to receive standard and drug-coated balloon PAD treatment results. The minimal-metal, dissection repair device precisely treats peripheral artery dissections following balloon angioplasty in above-the-knee and below-the-knee therapeutic interventions. The implant leaves less metal behind compared to stents, preserves future treatment options and preserves limbs. It also repairs dissections and optimizes post-angioplasty outcomes in the challenging CLI patient population.

The addition of the implant builds on Philips’ peripheral vascular portfolio, which includes advanced interventional imaging systems for precision guidance; intravascular ultrasound (IVUS) catheters to assess the location of the disease and lesion morphology and guide and confirm the treatment; peripheral atherectomy devices to remove blockages; and peripheral therapy devices, such as Philips' Stellarex drug-coated balloon, to treat lesions.

"We are excited about the strategic fit between our team, expertise and unique therapeutic device, and Philips' image-guided therapy business," said Bruce Shook, president and CEO of Intact Vascular, in a statement. "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."

Deferred payments of what is expected to be a provision of $85 million (€72 million) will be made upon completion of the transaction.

The deal is expected to close in the third quarter of 2020 and is subject to customary closing conditions.

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