Electrical Geodesics, Inc.
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Device and diagnostics fundraising slumped in Q2, but there was a substantial uptick in M&A activity. Device financings totaled just slightly over half of the previous quarter, while acquisitions grew almost six-fold, thanks primarily to Becton Dickinson's $23.5 billion play for CR Bard. Financing in diagnostics slid to $1.03 billion, less than half of Q1, whereas the $1.7 billion in M&As (most of that from PerkinElmer's $1.3 billion buy of EuroImmun) was more than double Q1's aggregate.
The new-found interest in – and diagnostic and therapeutic potential of – EEG was described to In Vivo by Electrical Geodesics co-founder Ann Bunnenberg during the 2017 GMTCC in May. Not two months later, Philips had made the Oregon company another of its 2017 M&A conquests.
Philips, a giant of the medical systems and software industry, maintains its strategic direction with organic and external growth. That was illustrated in one recent four-month period in which the group made seven acquisitions, adding to its non-invasive diagnostics portfolio Electrical Geodesics and bolstering its steps in therapeutic medical devices with the acquisition of Spectranetics. But whatever the target, the same ground rules apply.
In its second acquisition this month and fourth this year, Philips is buying US device maker Spectranetics Corp. for about $2bn to add laser atherectomy catheters to its vascular imaging line-up.
- Diagnostic Equipment & Supplies
- Monitoring Equipment & Devices