Stryker (SYK) announced a definitive agreement to acquire all the issued and outstanding shares of common stock of Invuity (IVTY) for $7.40 per share, or a total equity value of approximately $190M. Invuity specializes in advanced photonics and single-use, lighted instruments that deliver enhanced visualization for a wide variety of clinical applications including orthopaedic and spine surgery, general surgery, and women’s health procedures, and is a recent entrant into the enhanced energy market. Founded in 2004, and headquartered in San Francisco, California, Invuity’s portfolio of products is complementary to the surgical portfolio of Stryker’s instruments business. The boards of directors of both Stryker and Invuity have approved the transaction. The closing of this transaction is subject to the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The transaction is expected to close in Q4 and is expected to have an immaterial impact to net earnings in 2018.
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