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Philips Buys Israeli Medical Device Company EPD Medical for $292 million

Philips will pay 250 million euros in cash upfront, followed by payments estimated to be worth around 210 million euros if milestones are met.

EPD Medical, based in Caesarea, Israel develops a system that provides surgeons with a unique detailed 3D anatomical information of the heart during ablation procedures. The acquisition of EPD Medical further expands Philips image-guided therapy business, after the multi-billion dollar acquisitions of heart disease devices maker Spectranetics last year and vascular imaging company Volcano in 2015.

The takeover will give Philips a significant position in the rapidly growing market for cardiac arrhythmia ablation procedures within several years. Philips CEO Frans van Houten told reporters that "It will take time to penetrate this market, already worth more than 2 billion euros, as most healthcare providers are conservative”, he said. “But EPD has a highly competitive, breakthrough technology, which can really address unmet needs.”

EPD’s system received CE marking in February 2018. A U.S. Food and Drug Administration 510(k) premarket review for the system is currently under review. The system is not available for sale in the U.S.

The system is based on proprietary software algorithms and single-use electromagnetic sensors, used in conjunction with standard electrophysiology catheters. The system has been installed at several leading hospitals across Europe.

The company was founded by Prof. Shlomo Ben Haim who made his name in the 1990s when two of the companies he founded, Biosense Webster and Instent, were bought by Johnson & Johnson and Medtronic in deals worth more than $600 million. More startups and exits followed, moving the value of deals involving Ben-Haim’s businesses past $1 billion.

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