Philips buys US cardiac care firm BioTelemetry for $2.8 bn

Dutch electronics giant Philips said on Friday it was buying US remote cardiac monitoring firm BioTelemetry for $2.8 billion (2.3 billion euros).

The purchase comes as Philips, formerly best known for , moves into health equipment sales.

"The acquisition of BioTelemetry fits perfectly with our strategy to be a leading provider of patient care management solutions for the hospital and the home," said Philips chief executive Frans van Houten in a statement.

BioTelemetry focuses on wearable heart monitors for the diagnosis and monitoring of heart rhythm disorders, with over a million patients a year, Philips said.

Amsterdam-based Philips said it would buy all outstanding BioTelemetry shares at $72.00 per share.

Philips sold off its home appliance arm in January to fully concentrate on health sector products.

It has particularly focused on tele- for patients outside hospitals.


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© 2020 AFP

Citation: Philips buys US cardiac care firm BioTelemetry for $2.8 bn (2020, December 18) retrieved 16 September 2021 from https://medicalxpress.com/news/2020-12-philips-cardiac-firm-biotelemetry-bn.html
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