Philips to Buy Israel's Cardiac Imaging Systems Company EDP for 250 Million Euros

Amsterdam-headquartered Philips will use the acquisition to increase its presence in the cardiac arrhythmia treatment market

Meir Orbach 13:3306.06.18

Amsterdam-headquartered tech company Koninklijke Philips N.V. has signed an acquisition agreement with cardiac imaging systems company EPD Solutions Ltd., the companies announced Tuesday.


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The deal will include an upfront cash payment of 250 million euros, and additional deferred milestone-dependent payments of approximately 210 million euros. It is expected to be completed in July, subject to closing conditions.


EPD founder and chairman Shlomo Ben-Haim. Photo: EPD EPD founder and chairman Shlomo Ben-Haim. Photo: EPD



EPD develops an electromagnetic cardiac imaging and navigation system for minimally invasive catheter-based procedures. The system achieved a CE Mark (EU approval) in February but is not currently available for sale in the U.S.


EPD was founded by Shlomo Ben-Haim, a serial entrepreneur in the domain of healthcare and biotech who has also held senior faculty positions in Harvard and Technion – Israel Institute of Technology. Companies founded or co-founded by Mr. Ben-Haim have totaled over $1 billion in mergers or acquisitions, the largest deal being the acquisition of Biosense Webster by Johnson & Johnson for $427 million in 1997.


EPD's technology "has the potential to address the key unmet need of real-time therapy assessment, which is one of the more significant limitations of the current standard of care," said in a statement Frans van Houten, CEO of Philips. He added that the acquisition is "consistent with our strategic plan to broaden our image-guided therapy solutions portfolio."



Philips has been reorganizing since 2014 to increasingly focus on its healthcare segment. In 2017, the company finalized the sale of 80% of its lightning business Lumileds.


“Philips’ expertise and leadership in interventional imaging and navigation is an excellent strategic fit with EPD," said in a statement Mr. Ben-Haim, who serves as EPD's chairman. "I am convinced that as part of Philips, we will be able to grow EPD and help many electrophysiologists and patients worldwide.”
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