Stryker has agreed to acquire medical technology company Invuity in a cash deal valued at approximately $190m.
As per the terms of the agreement, a subsidiary of Stryker will initiate a tender offer to buy all outstanding shares of Invuity for $7.40 per share.
Headquartered in San Francisco, Invuity develops and markets advanced surgical devices enabling surgeons to perform minimal access surgery through smaller and hidden incisions.
The company’s clinical applications include women’s health, encompassing breast cancer and breast reconstruction surgery, gynaecology and thyroid surgery along with procedures for general surgery, electrophysiology, spine and orthopaedics.
Stryker Neurotechnology, Instruments and Spine group president Spencer Stiles said: “Invuity’s innovative products in the single-use lighted instrumentation and hybrid energy markets provide best in class illumination and help make surgery safer.”
The deal has been approved by the board of directors of Invuity.
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Invuity interim CEO Scott Flora said: “The combination of Stryker’s established leadership in minimal access surgery paired with Invuity’s suite of enabling visualization and surgical devices should facilitate better patient outcomes and operating room efficiencies in women’s health, general surgery, electrophysiology and orthopedics.
“It is with this in mind that Invuity’s Board of Directors voted to recommend this transaction to Invuity’s stockholders.”
Following the completion of the deal, the subsidiary of Stryker will merge its business with Invuity. Stryker will fund the transaction with cash in hand.
The deal, subject to customary closing conditions including receipt of certain regulatory approvals, is predicted to close in the fourth quarter of 2018.