Philips buys US cardiac care company BioTelemetry for $2.8B
December 21, 2020
Philips has agreed to buy BioTelemetry, a US cardiac diagnostics and monitoring business, for $2.8 billion. The Amsterdam-listed technology group will pay $72 per share in cash, a 16.5% premium to the stock's closing price on Thursday. BioTelemetry, which remotely monitors over 1 million heart patients a year, generated $439 million in revenue in 2019. The acquisition adds to Philips' connected care business, which helps patients continue being monitored while staying at home.