Stryker to acquire Californian medical technology company Invuity
Stryker has signed a deal to acquire Invuity, a California-based medical technology company focused on developing advanced surgical devices, in an all-cash deal worth around $190 million.
As per the terms of the Stryker acquisition of Invuity, the shareholders of the Californian medical technology company will receive $7.40 per share.
Invuity develops advanced photonics and single-use, lighted instruments that offer direct visualization of the surgical cavity to facilitate improved precision, efficiency and safety.
On the other hand, Stryker is engaged in delivering products and services in orthopedics, medical and surgical, and neurotechnology and spine areas.
As far as Invuity is concerned, its advanced surgical devices are used in orthopedic and spine surgeries, general surgeries, and women’s health procedures including breast cancer and breast reconstruction surgery, thyroid surgery and gynecology.
Commenting on Stryker acquisition of Invuity, Scott Flora – Invuity Interim CEO 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.”
Established in 2004, Invuity’s portfolio of products is said to be hugely complementary to the surgical portfolio of the instruments business of Stryker.
Invuity’s technology is unified into a family of proprietary optical waveguides that are connected to a modified fiber optic cable and designed to function with standard xenon and LED light sources found in the operating room.
Some of Invuity’s products include Eikon, Eika, Eipex, Saber Yankauer, Eivector, Breiten, Waveguide and Saber Frazier.
Spencer Stiles – Stryker Group President, Neurotechnology, Instruments and Spine, commenting on Stryker acquisition of Invuity, said: “Invuity’s innovative products in the single-use lighted instrumentation and enhanced energy markets provide best in class illumination and help make surgery safer.
“I look forward to the work we will do together to advance Stryker’s mission of making healthcare better.”
Stryker acquisition of Invuity comes a month after the former’s $1.4 billion deal to to acquire K2M Group, which is focused on development of spine and minimally invasive solutions.
Subject to customary closing conditions, Stryker acquisition of Invuity is anticipated to be wrapped up in Q4 2018