Philips’ BioTelemetry and its LifeWatch subsidiary agreed to pay more than $14.7 million over False Claims Act violation allegations. Philips acquired BioTelemetry in a $2.8 billion deal in 2021. The BioTelemetry subsidiary settled allegations of knowingly submitting claims to federal healthcare programs for a higher level of remote cardiac monitoring than physicians intended to order, […]
BioTelemetry
BioTelemetry, CardioNet to pay nearly $45M to resolve False Claims Act violation allegations
BioTelemetry and its CardioNet subsidiary agreed to pay $44.875 million to resolve False Claims Act violation allegations. Both companies now belong to Philips after it acquired BioTelemetry for $2.8 billion last year. The U.S. Department of Justice alleged that the companies knowingly submitted false claims surrounding heart monitoring tests. DOJ claims the companies submitted claims […]
Philips completes $2.8B BioTelemetry acquisition
Royal Philips (NYSE:PHG) announced today that it successfully completed its acquisition of all outstanding shares of BioTelemetry (NSDQ:BEAT). Amsterdam-based Philips announced in December 2020 that it agreed to acquire the shares of BioTelemetry at a per-share price of $72, totaling approximately $2.8 billion. At 12 a.m. ET today, the offer expired as scheduled and was not extended […]
Philips to acquire BioTelemetry for $2.47B
Royal Philips (NYSE:PHG) announced today that it agreed to acquire BioTelemetry (NSDQ:BEAT) in a deal worth $2.8 billion. Amsterdam-based Philips is slated to commence a tender offer to acquire all issued and outstanding shares of BioTelemetry for $72 per share, to be paid upon completion. That represents a 16.5% premium to BioTelemetry’s closing price on Dec. 17, […]
7 medtech stories we missed this week: April 14, 2017
From FDA approvals to business expansion plans, here are 7 medtech stories we missed this week but thought were still worth mentioning. 1. BioTelemetry launches offer to acquire LifeWatch BioTelemetry and LifeWatch announced in an April 9 press release that the 2 companies have entered a transaction agreement that states BioTelemetry will launch a tender offer […]