Philips Healthcare (a division of Royal Philips Electronics NV), as part of a new bid to connect the dots between its own product offerings, acquired InnerCool Therapies Inc., maker of surface and endovascular cooling devices for the management of cardiac patients. [See Deal] Philips paid $12.75 million to Taxus Cardium Pharmaceuticals Group Inc., netting the company a 100% return after it bought InnerCool for $6 million three years ago. The payment gives Cardium, a cardiac tissue engineering company that saw InnerCool’s commercial-ready property as a counter to its early-stage pipeline, some much needed cash while giving Philips a nice fit for its own cardiac resuscitation business.
Mike Miller, senior vice president of the Philips Cardiac Care division, says InnerCool fits into the company’s broader "care cycle"...