Medical company making $662M acquisition
A medical company in the region is acquiring a global medical device maker.
Kalamazoo-based Stryker, a maker of medical equipment and devices, said today it signed a definitive agreement to acquire Plymouth, Minnesota-based Entellus Medical for $24 per share or about $662 million.
The transaction is expected to close pending approval by Entellus’ stockholders, expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.
Entellus is a global medical technology company focused on delivering “superior patient and physician experiences” through products designed for the minimally invasive treatment of various ear, nose and throat, or ENT, disease states.
Founded in 2006, the company has a broad portfolio of ENT products, including the XprESS Multi-Sinus Dilation System and the LATERA Absorbable Nasal Implant, which complement the existing ENT portfolio of Stryker’s Instruments business.
“Entellus is a leader in the ENT segment and offers a comprehensive portfolio of products that enable physicians to conveniently and comfortably perform a broad range of ENT procedures,” said Timothy Scannell, group president of Medsurg and Neurotechnology, Stryker.
Robert White, CEO of Entellus, said he anticipates the deal will spur “additional progress” in both lines of business.
“The combination of Stryker’s established commitment to making health care better and Entellus’ innovative products within the ENT segment will continue to provide our customers the tools they need for cost-effective solutions,” White said.
Guggenheim Securities served as a financial advisor on the deal.
Skadden, Arps, Slate, Meagher & Flom served as outside legal counsel for Stryker.