Dutch technology company Royal Philips said that it will buy EPD Solutions, a manufacturer of systems used to treat patients with heart rhythm disorders for $292.1m (£219m).
Philips, which is a global leader in healthcare technology, will pay €250m in cash up front followed by payments with an estimated value of about €210m if milestones are met.
EPD specialises in making cardiac imaging and navigation systems to create 3D models of the heart to treat patients suffering from cardiac arrhythmias.
Frans van Houten, chief executive of Philips, said: “The technology has the potential to address the key unmet need of real-time therapy assessment, which is one of the more significant limitations of the current standard standard of care.”
“This acquisition will strengthen our ability to improve the lives of arrhythmia patients, and is entirely consistent with our strategic plan to broaden our image-guided therapy solutions portfolio and drive long-term profitable growth for Philips.”
Philips, which already has an imaging system platform called Azurion, will combine its expertise with the EPD systems which have been installed in several hospitals across Europe and is currently being reviewed by the FDA in the US.
EPD employees will become part of Philips' image-guided therapy business once the deal is completed in July.
Shlomo Ben-Haim, founder and chairman of EPD, said: “Philip's expertise and leadership in interventional imaging and navigation is an excellent strategic fit with EPD.”
“I am convinced that as part of Philips, we will be able to grow EPD and help many electrophysiologists and patients worldwide, as we aim to reduce procedure costs, simplify navigation and treatment, and ultimately improve procedure efficacy.”