Dutch healthcare company Philips has agreed to buy U.S.-based Spectranetics, a maker of devices to treat heart disease, for 1.9 billion euros ($2.16 billion) including debt, as it expands its image-guided therapy business.
Spectranetics (SPNC, +24.35%) uses techniques including lasers and tiny drug-covered balloons to clean the insides of veins and arteries that have become clogged due to heart disease.
Philips (PHG, -0.30%) will pay Spectranetics shareholders $38.50 per share, a 27% premium to their closing price on June 27.
