Philips to Buy Cardiac Firm Spectranetics for $1.7 Billion

Royal Philips NV’s $1.7 billion deal to buy Spectranetics Corp., a U.S. maker of devices to treat cardiac disease, shows the Dutch company is moving more aggressively to bolster its growing health-care business.

Philips will offer $38.50 a share in cash for the Colorado Springs-based company, according to a statement June 28. The price is 27 percent above Spectranetics’ closing level on June 27. Philips also will buy back as much as 1.5 billion euros ($1.7 billion) of its own stock to offset share dilution from an employee incentive program.

Philips Chief Executive Officer Frans van Houten has been on ...