Royal Philips today announced that it has signed an agreement to acquire Intact Vascular. According to a press release, Intact Vascular will enhance Philips’ image-guided therapy portfolio, combining Philips’ interventional imaging platform and diagnostic and therapeutic devices with Intact Vascular’s unique, specialised implantable device to optimise the treatment of patients with peripheral arterial disease (PAD).
“Acquiring Intact Vascular will expand our portfolio of minimally invasive therapy options for PAD with the Tack endovascular system, a much needed implant that effectively restores blood flow in small limb vessels, promotes healing and preserves limbs,” said Chris Landon, senior vice president and general manager Image Guided Therapy Devices at Philips. “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 optimise the treatment of patients with this disease.”
Philips’ peripheral vascular portfolio already 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.
Intact Vascular will strengthen this portfolio with the Tack endovascular system, which reinforces standard and drug-coated balloon PAD treatment results. Intact Vascular’s Tack implant is a first-of-its-kind, minimal-metal, dissection repair device that provides precision treatment of peripheral arterial dissections following balloon angioplasty in above-the-knee (ATK) and below-the-knee (BTK) therapeutic interventions. The Tack implant leaves less metal behind compared to stents, preserving future treatment options and ultimately preserving limbs. Moreover, Intact Vascular’s Tack implant offers a solution for repairing dissections and optimising post-angioplasty outcomes in the challenging chronic limb-threatening ischaemia (CLTI) patient population.
“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. “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.”
The transaction, which is subject to customary closing conditions, is expected to be completed in the third quarter of 2020. Philips will acquire Intact Vascular for an upfront cash consideration of US$275 million, and deferred payments for which the company expects to recognise a provision of US$85 million upon completion of the transaction.