Royal Philips agreed to acquire BioTelemetry Inc. (BioTel) for approximately $2.7 billion in cash on December 18. To provide for an integration of BioTel’s technology into Philip’s patient-monitoring business, Philips has commenced a tender offer for all of the outstanding shares of BioTel common stock. The transaction is expected to be completed in the first quarter of 2021.
During the COVID-19 pandemic, BioTel developed several innovations in remote cardiac and blood glucose monitoring technology that have increased the feasibility and scalability of remotely monitoring patients and their medical data. The transaction will integrate BioTel’s technology with Philips’ leading global patient monitoring platform, allowing the combined company to provide scalable remote monitoring solutions across multiple therapeutic areas, increasing the quality of care for patients worldwide.
S&C is advising Philips in the transaction, and has represented the company in each significant healthcare acquisition in its modern corporate history, including the acquisition of medical imaging business Carestream Health Inc. and the $2.2 billion acquisition of the Spectranetics Corporation in 2017.
The S&C team includes Matt Hurd and Rita O’Neill and associates Michael Fronk and Olivia Xie. Eric Wang and associate Michelle Lu are advising on tax matters. Nader Mousavi is advising on intellectual property matters. Renata Hesse, Michael Rosenthal and special counsels Eric Queen and Sophie Vandergrift and associate Pierre Moullet are advising on antitrust matters. Special counsel Matt Brennan is advising on environmental matters. Chris Beatty and associate Samuel Saunders are advising on finance matters. Special counsel Regina Readling is advising on executive compensation matters. Associate Lee Parnes is advising on the tender offer.