Philips NV pledges $360 million for Wayne-based Intact Vascular, an angioplasty recovery pioneer
Spokespeople for the buyer had no immediate comment on whether Philips plans to expand or shrink Intact Vascular’s staff of nearly 100.
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Royal Philips NV, the Dutch manufacturing giant that has shifted from electronics to medical equipment in recent years, has agreed to buy Wayne-based Intact Vascular Inc., which makes a device to keep angioplasty artery-repair surgery from splitting blood vessels.
The buyer has agreed to pay $275 million, plus as much as $85 million in deferred payments, for the nine-year-old firm, if the deal is done as expected by September.
Intact Vascular was founded in 2011. The company’s Tack Endovascular System repairs tears inside blood vessels and looks like a miniature wire fence. It is based on a design by Peter A. Schneider, an endovascular surgery professor at the University of California-San Francisco, and chief of vascular surgery at Kaiser Permanente in Hawaii from 1994 to 2018.
Philips said Intact Vascular would complement its existing line of precise medical gadgets. “We are excited about the strategic fit,” Intact Vascular chief executive Bruce Shook said in a statement.
The deal will reward investors including New Enterprise Associates, based in suburban Washington, and Bala Cynwyd-based Quaker Partners.
NEA-led groups raised $25 million in 2019 to 2020, $20 million in 2018, and $46 million in 2015 to 2017 in successive venture rounds, after a $12 million round led by Quaker in 2012.
Spokespeople for the buyer had no immediate comment on whether Philips plans to expand or shrink Intact Vascular’s staff of nearly 100.