Spectranetics specializes in cleaning up clogged arteries and veins.

Dutch medical equipment manufacturer, Philips, has disclosed it will be acquiring U.S.-based Spectranetics Corp for $2.16 billion (1.9 billion euros), including debt.

Spectranetics uses innovative techniques including, tiny drug-covered balloons and lasers to clean up the insides of arteries and veins that have become clogged.

In a separate development, Philips announced a new buyback program of 1.5 billion euro that will begin in the third quarter of this year and run for two years.

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Tags: heart disease, M&A, Medical, medicine, mergers and acquisition, Philips, share buyback, Spectranetics