Dutch health technology company Royal Philips said it's buying a Colorado Springs medical device maker for $2.16 billion.

Royal Philips is paying all cash for The Spectranetics Corporation, which was founded in 1984 and makes vascular intervention devices, such as laser atherectomy catheters for treatment of blockages.

The purchase price of $38.50 per share is 27 percent above the closing price of Spectranetics' shares (Nasdaq: SPNC) on Tuesday.

Spectranetics employs about 900 people and is the 58th-largest company in Colorado, based on 2016 market capitalization, according to Denver Business Journal research.

Read more at the Denver Business Journal: http://bit.ly/2tkFnF5