The deal is the fourth major acquisition in the remote monitoring market in the last five weeks after Philips acquired BioTelemetry and Capsule and Hillrom bought Bardy Diagnostics.

Philips will pay $635m for the Massachusetts-based developer of a platform that connects medical devices and electronic medical records in hospitals.

If approved, the device will be the first drug-coated balloon indicated specifically for use in arteries below the knee.

Philips is already the leader in hospital patient monitoring and adding BioTelemetry will make it also the top provider of ambulatory cardiac diagnostics and monitoring systems.