Philips acquires U.S. medical company Spectranetics Corp for 2.16 billion

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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