Intact Vascular, a Wayne, PA based company that develops medical devices for minimally invasive peripheral vascular procedures, has been acquired by Royal Philips (NYSE: PHG, AEX: PHIA), for up to $360m.
The deal, 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 USD 275m (approx. EUR 234m), and deferred payments for which the company expects to recognize a provision of USD 85m (approx. EUR 72m) upon completion of the transaction.
The acquisition will allow Philips to expand their exiting image-guided therapy portfolio.
Founded in 2011 and led by Bruce Shook, President and CEO, Intact focuses on developing products for patients with vascular disease and the physicians who treat them. The company’s FDA approved offerings target both above- and below-the-knee interventions with the Tack Endovascular System® (6F), and the Tack Endovascular System (4F). Both products have CE Mark Authorization.
The Tack Endovascular System is designed to repair dissections following peripheral balloon angioplasty. Pre-loaded with six self-expanding nitinol devices for above-the-knee (ATK) interventions, or four for below-the-knee (BTK) interventions, the Tack Endovascular System can be deployed to treat multiple dissections using a single catheter and leaving behind significantly less metal than stents. Additionally, the Tack Endovascular System is designed to minimize vessel inflammation, promote healing, improve outcomes and preserve future treatment options for peripheral arterial disease patients. Intact Vascular recently announced FDA approval of the Tack Endovascular System (4F), the first vascular implant approved for below-the-knee post-angioplasty dissection repair. With prior FDA approval granted for the Tack Endovascular System (6F) along with CE Mark Authorization, the company plans to progress toward broader market commercialization for both above- and below-the-knee interventions.