Stryker Takes A Shine To Photonics Firm Invuity
Just weeks after inking a billion-dollar acquisition of K2M, Stryker has announced a $190m deal to acquire photonics firm Invuity. Under the terms of the agreement, a subsidiary of Stryker will purchase all outstanding shares of Invuity for $7.40 per share in cash.
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Third quarter device financing totaled $2.6 billion, a 24% decrease from the $3.4 billion brought in during Q2. The change partially stems from a sharp decline in debt financing. During the third quarter, debt raises brought in $258 million, just 10% of the Q3 total, while in the previous quarter, aggregate debt (at $947 million) represented 28% of the financing total.
Stryker is continuing its buying spree with the purchase of HyperBranch Medical Technology. The orthopedics giant announced it will pay $220m in an all-cash deal to buy the maker of Adherus, a hydrogel that helps dural repair.
The orthopedics giant will pay $27.50 per share for the Leesburg, Va., company, representing a 27% premium over K2M's average closing price over the last 90 days. The terms of the deal also call for K2M CEO to take over as president of Stryker's Spine business, displacing current president Bradley Paddock.