Royal Philips, the health technology giant based in the Netherlands, is acquiring Wayne-based Intact Vascular for $360 million, writes John George for the Philadelphia Business Journal.
Under the terms of the deal, the local medical device developer will receive an upfront payment of $275 million. The company will also get deferred payments expected to total $85 million from Royal Philips.
Privately held Intact Vascular was founded nine years ago and now has 62 employees. It focuses on developing medical devices used for minimally invasive peripheral vascular procedures.
The company’s flagship product is the Tack Endovascular System. This has many uses, including restoring blood flow in small limb vessels, promoting healing, and preserving limbs in patients who have peripheral artery disease.
“We are excited about the strategic fit between our team, expertise and unique therapeutic device, and Philips’ image-guided therapy business,” said Bruce Shook, CEO of Intact Vascular. “We look forward to completing the transaction and working closely with Philips on a seamless transition.”
Read more about Intact Vascular in the Philadelphia Business Journal here.
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