US-based medical technology company Stryker has agreed to acquire Inari Medical, a manufacturer of medical devices for venous diseases, for an equity value of around $4.9bn.
Under the terms of the agreement, Stryker will commence a tender offer to buy all the issued and outstanding common shares of Inari Medical for $80 per share in cash.
The boards of directors of both parties have unanimously approved the transaction.
The consummation of the tender offer is subject to a minimum tender of at least a majority of outstanding Inari common shares, and other customary conditions.
Once the tender offer is completed, Stryker will acquire all remaining shares not tendered in the offer through a second-step merger at the same price as in the tender offer.
The proposed acquisition is expected to be completed by the end of the first quarter of 2025, subject to customary closing conditions.
Stryker will discuss the potential impacts to 2025 financial results on its upcoming fourth quarter 2024 earnings call, planned for 28 January 2025.
Stryker chair and CEO Kevin Lobo said: “The acquisition of Inari expands Stryker’s portfolio to provide life-saving solutions to patients who suffer from peripheral vascular diseases.
“These innovations elevate the standard of care for venous thromboembolism patients and will accelerate Stryker’s impact in endovascular procedures.”
Established in 2011, Inari provides medical devices for venous thromboembolism (VTE) clot removal, eliminating the use of thrombolytic drugs.
Its product portfolio comprises mechanical thrombectomy solutions for peripheral vascular diseases such as deep vein thrombosis and pulmonary embolism.
Inari’s portfolio is complementary to Stryker’s Neurovascular business, and the company will strengthen Stryker’s position in the VTE segment.
Inari CEO Drew Hykes said: “Inari has positively impacted the lives of hundreds of thousands of patients through the development of purpose-built tools that address unmet patient needs.
“With Stryker’s capabilities and global infrastructure, we will be even better positioned to accelerate the development of innovative new solutions and expand our footprint.”
