Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, has signed an agreement to acquire Australian Pharmacy Sleep Services (APSS), a pioneer in pharmacy sleep testing. Headquartered in Sydney, APSS will complement Philips' sleep and respiratory care offering, and will help to accelerate the business' home sleep testing offering through the pharmacy channel in Australia. The transaction is expected to be completed in the second quarter of 2017, subject to customary closing conditions. Financial details of the transaction will not be disclosed.
Founded in 2011, APSS has a unique sleep apnea program for pharmacies that includes screening, home-based sleep studies based on Continuous Positive Airway Pressure (CPAP) therapy, training and services. The retail pharmacy market provides a convenient and central local access point to offer simple and effective sleep screening. This screening is aimed at assessing sleep quality and determining if subsequent sleep treatment may be required. APSS works closely with medical professionals for assessment and diagnosis of sleep problems, and subsequent sleep treatment.
"With the addition of APSS to our sleep and respiratory care business in Australia, Philips will be able to provide better access to home sleep testing for those who need it, where and when they need it," said Kevin Barrow, Managing Director at Philips Australia and New Zealand. "Appropriate clinical oversight will ensure the right outcomes for each and every individual. Poor sleep is very prevalent among Australian adults and with our connected sleep health solutions we can provide further assistance to specialist physicians, GPs and other sleep care providers in Australia to determine the best screening tests and follow-up."
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips' health technology portfolio generated 2016 sales of EUR 17.4 billion and employs approximately 71,000 employees with sales and services in more than 100 countries.
