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© EGI Business | June 22, 2017

Philips acquires Electrical Geodesics

Royal Philips wants to acquire Electrical Geodesics, Inc. (EGI), a US-based medical device company that designs, develops and commercializes a range of non-invasive technologies used to monitor and interpret brain activity.
Under the terms of the agreement, the total equity value is set at EUR 32.9 million. The transaction is subject to customary closing conditions, including EGI stockholder approval, and is expected to close in the third quarter of 2017.

“In order to improve the treatment for some of the most complicated, life altering neurological disorders, we need more personalized and adaptive guidance tools to plan each individual patient’s therapeutic options”, said Joe Burnett, Business Leader Neuro Diagnostics at Philips. “This acquisition will enable Philips to provide an integrated neurology solution comprising diagnostic imaging and clinical informatics to assess brain anatomy and physiological processes, and EEG mapping tools from EGI to measure electrical brain activity. By fusing these different tools together, we will create a more comprehensive map of the brain, and unlock new computational algorithms which will help to shorten the path to a definitive diagnosis and guide some of the most complex therapeutic strategies.”

“Our team is very excited to join Philips and continue to drive advancements in neurological disorders including epilepsy, stroke, Parkinson’s disease and many more”, said Don Tucker, Founder and CEO of EGI. “We will now complete the important work that we started 25 years ago, as part of a health technology leader that is known for its commitment to research and innovation. Our goal has always been to put the patient first and we feel this combination to be a perfect match.”

EGI is based in Eugene, Oregon (US), generated sales of USD 14.3 million in 2016 and employed approximately 90 staff.
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November 14 2018 11:24 am V11.8.1-2