Royal Philips is seeking to expand its image-guided therapy solutions with the acquisition EPD Solutions. Philips is set to acquire the Tortola, British Virgin Islands-based company for about $292 million upfront. The deal could close in July, Philips said.
EPD’s cardiac imaging and navigation system has received CE mark and is used in diagnostic and therapeutic procedures for cardiac arrhythmias. The system has not been given a nod from FDA and is currently under review by the agency.
Philips said its interventional imaging systems, such as Azurion, and EPD’s cardiac imaging and navigation system could more efficiently provide maps and data used by electrophysiologists to guide various catheters to locate and treat cardiac arrhythmias.
“EPD’s breakthrough innovation provides detailed 3D anatomical information of the heart during cardiac arrhythmia ablation procedures that is unique in the industry,” said Frans van Houten, CEO of Royal Philips. “The technology has the potential to address the key unmet need of real-time therapy assessment, which is one of the more significant limitations of the current standard of care. This acquisition will strengthen our ability to improve the lives of arrhythmia patients and is entirely consistent with our strategic plan to broaden our image-guided therapy solutions portfolio and drive long-term profitable growth for Philips.”
Philips’ image-guided therapy solutions were a significant source of growth last quarter.
Good traction of the new products and solutions that we introduced last year … contributed to 9% comparable sales growth in the Diagnosis & Treatment segment, Houten said, according to a transcript from Seeking Alpha. “This growth was driven by strong growth in diagnostic imaging, image-guided therapy and, in particular, by mid-teens growth in ultrasound.”
Philips’ acquisition of EPD Solutions follows a collaboration with med-tech powerhouse, Medtronic. Both companies teaming up to market a software GPS solution to detect lung cancer.