Philips will include the remote medical technology company into its connected care business segment
Health technology company Royal Philips has completed the acquisition of US-based remote medical technology company BioTelemetry for $2.8bn.
Under the deal, Philips has purchased all outstanding shares of BioTelemetry’s common stock by paying $72 per share in cash.
Philips will include BioTelemetry and its around 1,900 employees into the company’s connected care business segment.
BioTelemetry offers remote cardiac monitoring, centralised core laboratory services for clinical trials, as well as remote blood glucose monitoring and original equipment manufacturing services for both healthcare and clinical research customers.
Said to be a suitable addition to Philips’ cardiac care portfolio, the acquisition is expected to contribute to the company’s strategy to transform the delivery of care along the health continuum with integrated solutions.
BioTelemetry offers a range of clinically validated ambulatory cardiac diagnostics and monitoring services such as short-term Holter monitoring services, long-term Holter monitoring services, event recorder services, and mobile cardiac outpatient telemetry (MCOT) services.
With sales of $450m in 2020, the company claims to have one of the world’s largest remote cardiac monitoring services networks, offering services for more than one million patients annually.
In addition, BioTelemetry holds a clinical research business that provides testing services for clinical trials.
Royal Philips CEO Frans van Houten said: “The combination of Philips’ leading patient care management portfolio in the hospital with BioTelemetry’s leading cardiac diagnostics and monitoring portfolio outside the hospital will result in a global leader in patient care management solutions for the hospital and the home for cardiac and other patients.
“With our collective portfolios, and our healthcare informatics and services platforms, we will be in an optimal position to improve patient care across care settings for multiple diseases and medical conditions.”
Last month, Philips agreed to acquire Francisco Partners portfolio company Capsule Technologies for a cash consideration of $635m.