Philips buys Israeli cardiac imaging co EPD for $292m

Medical devices Photo: Shutterstock
Medical devices Photo: Shutterstock

Based in Caesarea, EPD has developed image-guided procedures for heart rhythm disorders.

Dutch healthcare technology giant Royal Philips (NYSE: PHG; AEX: PHIA) announced that it is buying Israeli company EPD Solutions for €250 million ($292 million) in cash and deferred milestone payments of up to €210 million. Based in Caesarea and registered in the Virgin Islands, EPD has developed image-guided procedures for cardiac arrhythmias (heart rhythm disorders).

EPD’s cardiac imaging and navigation system helps electrophysiologists navigate the heart by generating a detailed 3D image of the cardiac anatomy, while also pinpointing the location and orientation of catheters during the diagnostic and therapeutic procedures for cardiac arrhythmias. This technology has the potential to simplify navigation and treatment, immediately assess the treatment result and ultimately enhance procedure efficacy.

The sale represents a comeback for Prof. Shlomo Ben-Haim who at the end of the 1990s and early 2000s sold a series of startups including Instent to Medtronic in 1996 for $200 million, Biosense to J&J for $500 million in 1997, Disc-O-Tech to Kyphon for $220 million in 2006, and Radiancy to PhotoMedex for $174 million in 2011. 

Ben-Haim said, “I am very pleased that Philips will become the home for our innovation, our business and our people. Philips’ expertise and leadership in interventional imaging and navigation is an excellent strategic fit with EPD. I am convinced that as part of Philips, we will be able to grow EPD and help many electrophysiologists and patients worldwide, as we aim to reduce procedure costs, simplify navigation and treatment, and ultimately improve procedure efficacy.”

“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.”

Published by Globes [online], Israel business news - www.globes-online.com - on June 6, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Medical devices Photo: Shutterstock
Medical devices Photo: Shutterstock
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