As per the agreement, Phillips’ ultrasound business will be transferred to Profound Medical, a leader in MR-guided ultrasound ablation therapies. Phillips’ ultrasound business includes its Sonalleve MR-HIFU, a therapeutic device used in conjunction with real-time MR imaging and thermometry.
Philips will also obtain a minority interest in Profound Medical per the agreement. The health technology giant will gain 7.4 million of Profound Medical’s common shares, representing a minority interest of approximately 12 percent.
The transaction is slated to close in the second half of 2017.
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