Stryker to acquire Entellus Medical for approximately USD 662m
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Stryker [NYSE:SYK], the medical technology company based in Kalamazoo, Michigan, has agreed to acquire Plymouth, Minnesota-based Entellus Medical [NASDAQ:ENTL].
Deal Snapshot
- Terms: USD 24.00 per share all cash transaction, or equity value of approximately USD 662m
- Strategic Rationale: Entellus has a comprehensive portfolio of products in the ENT segment
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Target (Entellus)
- Business Description: Entellus products are used for the treatment of adult and pediatric patients with chronic and recurrent sinusitis, patients with nasal airway obstruction, as well as adult patients with persistent Eustachian tube dysfunction
- Ownership: Public [Nasdaq:ENTL]
- Financials/Size Description: USD 414.1m market cap
Buyer (Stryker)
- Ownership: Public [NYSE:SYK]
- Business Description: Medical technology company offering products and services in orthopaedics, medical and surgical, and neurotechnology and spine
- Size: USD 56.79bn market cap
- Acquisition History: Has made at least two other acquisitions this year, including Vexim in October
Advisors
- Sellside: Piper Jaffray & Co. (financial); Latham & Watkins LLP and Fox Rothschild LLP (legal)
- Buyside: n/a
Press release:
Entellus Medical, Inc. (NASDAQ:ENTL) announced today a definitive merger agreement by which Stryker Corporation (NYSE:SYK) will acquire Entellus in an all cash transaction for $24.00 per share, or an equity value of approximately $662 million. The Entellus Board of Directors unanimously approved entering into the agreement.
“Entellus is a leader in the ENT segment and offers a comprehensive portfolio of products that enable physicians to conveniently and comfortably perform a broad range of ENT procedures,” stated Timothy J. Scannell, Group President, MedSurg and Neurotechnology at Stryker.
“The combination of Stryker’s established commitment to making healthcare better and Entellus’ innovative products within the ENT segment will continue to provide our customers the tools they need for cost effective solutions,” said Robert S. White, President and Chief Executive Officer of Entellus Medical. “I look forward to the additional progress we will make together.”
The closing of this transaction is subject to approval by Entellus’ stockholders, expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.
Piper Jaffray & Co. served as financial advisor and Latham & Watkins LLP and Fox Rothschild LLP served as outside legal counsel for Entellus in connection with this transaction.