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Philips buys Volcano for US$1.2b
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DUTCH electronics giant Philips said yesterday it was buying US-based medical imaging company Volcano for US$1.2 billion, as it sought to strengthen its hold on the high-margin health care technology market.
“Philips is to acquire Volcano for US$18 per share (with) a total transaction value of US$1.2 billion,” Amsterdam-based Philips said in a statement.
The agreement to buy San Diego-based Volcano, which makes catheter-based imaging and advanced blood flow measuring equipment, “advances Philips’ focused strategy in image guided therapy,” it said.
“There is an increasing trend to use advanced catheters that are capable of producing ultrasound images of the interior of blood vessels or perform blood flow measurements,” Philips said.
The deal to buy Volcano should speed up Philips’ sales growth “as the combined business is optimally positioned to address unmet needs in the 4-billion-euro (US$4.99 billion) image guided therapy market,” Philips said.
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