Philips buys Innercool: The Ice Age Cometh

01 Jul 2009

As part of a bid to connect the dots between its own product offerings, Philips Healthcare acquired InnerCool Therapies, maker of surface and endovascular cooling devices for the management of cardiac patients. InnerCool fits into the company's broader "care cycle" strategy, the point of which is to provide a continuum of care to patients in the diseases Philips serves. Specifically, Philips' strategy is to connect diverse care settings to its product markets, in this case, cardiac resuscitation. The combination marks a change in how sudden cardiac arrest is regarded, from an isolated episode focused on a stopped heart to a larger strategy of patient management.

Philips Healthcare (a division of Royal Philips Electronics NV), as part of a new bid to connect the dots between its own product offerings, acquired InnerCool Therapies Inc., maker of surface and endovascular cooling devices for the management of cardiac patients. [See Deal] Philips paid $12.75 million to Taxus Cardium Pharmaceuticals Group Inc., netting the company a 100% return after it bought InnerCool for $6 million three years ago. The payment gives Cardium, a cardiac tissue engineering company that saw InnerCool’s commercial-ready property as a counter to its early-stage pipeline, some much needed cash while giving Philips a nice fit for its own cardiac resuscitation business.

Mike Miller, senior vice president of the Philips Cardiac Care division, says InnerCool fits into the company’s broader "care cycle"...

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