BioTelemetry soars 18% after Philips announces acquisition of cardiac-diagnostics company

• BioTelemetry gained as much as 18% on Friday after news that the cardiac-diagnostics company will be acquired by Dutch company Royal Philips for $2.8 billion.
• Shares of BioTelemetry rose from Thursday's $61.78 closing price to as much as $73 on Friday, the stock's highest price in over a year.
• BioTelemetry is a Pennsylvania-based medical company that makes equipment that remotely diagnoses and monitors cardiac activity.
• Watch BioTelemetry trade live here.

BioTelemetry gained as much as 18% on Friday after news that the cardiac-diagnostics firm will be acquired by Dutch company Royal Philips for $2.8 billion.

BioTelemetry is a Pennsylvania-based medical company that makes equipment that remotely diagnoses and monitors cardiac activity.

Shares of BioTelemetry jumped from Thursday's $61.78 closing price to as much as $73 on Friday, the stock's highest price in over a year. BioTelemetry is up over 50% year-to-date. Meanwhile, shares of Philips gained as much as 2% in Amsterdam on Friday.

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"Through continued innovation, we have developed the world's largest remote cardiac monitoring services network," said BioTelemetry President and CEO Joseph H. Capper in a statement. "Combined with Philips' current patient care management portfolio, innovation strength and global scale, we are perfectly equipped to address the rising demand for telehealth and remote monitoring solutions."

Shareholders of BioTelemetry will receive $72 a share in cash, according to Philips. The transaction is expected to be completed in the first quarter of 2021.