Medical device maker acquiring company for $701M
A West Michigan maker of medical devices and equipment is acquiring a Canadian medical imaging company for $701 million.
Kalamazoo-based Stryker said Monday it reached a definitive agreement to purchase Mississauga, Ontario-based NOVADAQ Technologies for $11.75 per share, in cash.
The transaction is expected to close at the end of the third quarter, following approval by NOVADAQ shareholders at a special meeting on Aug. 4 and subsequent approval by Canadian and U.S. regulators.
"This acquisition aligns with Stryker's focus on enabling our customers to see and do more by enhancing cross-specialty surgical visualization," said Timothy Scannell, group president of MedSurg and NeuroTechnology, Stryker. "NOVADAQ'S unique, innovative technology complements Stryker's advanced imaging portfolio and expands our product offerings into open and plastic reconstructive surgery.
“NOVADAQ'S innovative technology can reduce post-procedure complication rates and the cost of care for a broad variety of surgical treatments."
NOVADAQ Technologies President and CEO Rick Mangat said the transaction is reflective of the “exceptional value” the company has built over recent years, and he looks forward to further contributing in the field as a member of Stryker.
Washington, D.C.-based Covington & Burling and Toronto-based Osler, Hoskin & Harcourt are serving as outside legal counsel for Stryker.