Malvern-Based BioTelemetry to Be Acquired for $2.8 Billion

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Jim Cramer, right, the host of CNBC's Mad Money, talks to BioTelemetry CEO Joe Capper.

Royal Philips will buy Malvern-based BioTelemetry in a stock deal valued at $2.8 billion, writes John George for the Philadelphia Business Journal.

BioTelemetry provides remote cardiac diagnostics and monitoring services. Each year, it remotely monitors more than a million cardiac patients using products such as wearable heart monitors and artificial intelligence-based data analytics.

Under the terms of the definitive merger agreement, the health technology behemoth will pay BioTelemetry shareholders $72 per share to purchase the company.

The transaction has been approved by the board of directors of BioTelemetry, which is recommending its shareholders also approve it. The acquisition is expected to be completed in the first quarter of next year.

“Through continued innovation, we have developed the world’s largest remote cardiac monitoring services network,” said Joseph H. Capper, CEO of BioTelemetry. “We are delighted to become part of Philips.”

Royal Phillips officials said the acquisition of BioTelemetry is a “strong fit” with its cardiac care portfolio, along with its other technologies that includes real-time patient monitoring, therapeutic devices, telehealth, and informatics.

Once the sale goes through, BioTelemetry will become part of Philips’s Connected Care business segment.

Read more about BioTelemetry in the Philadelphia Business Journal here.

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