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Royal Philips to acquire Intermagnetics General Corp.
Royal Philips Electronics NV is the world’s largest maker of patient monitoring systems and they have now revealed their plans to acquire Intermagnetics General Corp.
The deal is worth around $1.3 billion and it would be conducted through a cash transaction. This acquisition would help Royal Philips to gain a division making components used in magnetic resonance imaging scanners.
Philips would be paying $27.50 for each share of Intermagnetics. This is a big premium on the current stock price of the company, which is hovering around $21 in the markets right now. Interestingly, they are already the biggest customer of this company.
Philips expects that this acquisition would help them develop ext-generation MRI technology used for molecular imaging. The next generation equipments are expected to use so-called biomarkers, which are deployed in a human to help get better images of parts of the body.