Philips Completes Acquisition of Spectranetics
August 10, 2017—Royal Philips announced that it has completed the acquisition of Spectranetics Corporation. Philips, which is based in Amsterdam, The Netherlands, and Spectranetics, headquartered in Colorado Springs, Colorado, announced a definitive merger agreement on June 28.
As of August 9, Spectranetics’ common stock ceased trading and the company's financial results will be consolidated as part of Philips’ Image-Guided Therapy business group. As a result of the merger, all remaining Spectranetics shares were converted into the right to receive $38.50 per share in cash. Spectranetics, which has more than 900 employees, projects 2017 sales to be approximately $300 million.
Spectranetics' device portfolio includes a range of catheters to treat coronary and peripheral artery disease and for the removal of implanted pacemakers and implantable cardioverter defibrillator leads. On July 26, the company announced US Food and Drug Administration premarket approval for the Stellarex peripheral drug-coated balloon, which previously received European CE Mark approval. The device is designed to treat the superficial femoral and popliteal arteries in patients with peripheral arterial disease.