Invuity announces definitive agreement to be acquired by Stryker

683

Invuity, a medical technology company focused on advanced surgical devices to enable better visualisation, announced that it has entered into a definitive agreement with Stryker, pursuant to which Stryker will acquire all of the outstanding shares of Invuity for US$7.40 per share in cash, implying a total equity value of approximately US$190 million.

“The combination of Stryker’s established leadership in minimal access surgery paired with Invuity’s suite of enabling visualisation and surgical devices should facilitate better patient outcomes and operating room efficiencies in women’s health, general surgery, electrophysiology and orthopaedics,” said Scott Flora, Invuity’s interim CEO. “It is with this in mind that Invuity’s Board of Directors voted to recommend this transaction to Invuity’s stockholders.”

“Invuity’s innovative products in the single-use lighted instrumentation and hybrid energy markets provide best in class illumination and help make surgery safer,” stated Spencer S Stiles, Group President, Neurotechnology, Instruments and Spine.  “I look forward to the work we will do together to advance Stryker’s mission of making healthcare better.”

Under the terms of the definitive transaction agreement, a subsidiary of Stryker will commence a tender offer to purchase all outstanding shares of Invuity common stock in exchange for US$7.40 per share in cash. The completion of the tender offer is subject to customary terms and closing conditions, including a requirement that a majority of Invuity’s outstanding shares are tendered in the offer and receipt of certain regulatory approvals. The agreement provides that immediately following the successful completion of the presented offer, the subsidiary of Stryker making the offer will merge with and into Invuity, and all remaining outstanding shares of Invuity common stock that were not outlined in the offer will receive the same consideration paid in respect of those shares that were tendered. Stryker intends to fund the transaction with cash on hand.

The Invuity Board of Directors has approved entering into the agreement and recommends that Invuity’s stockholders sell their shares in the upcoming tender offer. All directors and executive officers of Invuity have entered into a tender and support agreement providing that they will tender their shares in the offer.

This is the second acquisition Stryker has made in the past month, as the company announced definitive agreement to acquire K2M.

(Visited 203 times, 1 visits today)

LEAVE A REPLY

Please enter your comment!
Please enter your name here