In another early M&A move in 2021, Royal Philips (NYSE:PHG) in February successfully completed its acquisition of all outstanding shares of BioTelemetry (NSDQ:BEAT), sealing a deal that was initially agreed upon in December 2020.
BioTelemetry, a company with approximately 1,900 employees, develops diagnostics and monitors for heart rhythm disorders, including wearable heart monitors that detect and transmit abnormal heart rhythms wirelessly, along with AI-based data analytics and services. The company joined Philips’ connected care business segment as a wholly-owned subsidiary of the Amsterdam-based medtech company. Philips expects to supplement its in-hospital patient monitoring business with BioTelemetry’s cardiac diagnostics and monitoring technologies for outside the hospital.
“The acquisition of BioTelemetry fits perfectly with our strategy to be a leading provider of patient care management solutions for the hospital and the home,” Philips CEO Frans van Houten said in the initial announcement. “BioTelemetry’s leadership in the large and fast-growing ambulatory cardiac diagnostics and monitoring market complements our leading position in the hospital. Leveraging our collective expertise, we will be in an optimal position to improve patient care across care settings for multiple diseases and medical conditions.”