Entellus Medical announced on Thursday a definitive merger agreement by which Stryker Corporation will acquire Entellus in an all cash transaction for $24.00 per share, or an equity value of approximately $662m.
The Entellus Board of Directors unanimously approved entering into the agreement.
Timothy J. Scannell, Group President, MedSurg and Neurotechnology at Stryker, said: “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.”
Stryker Corporation is a Fortune 500 medical technologies firm based in Kalamazoo, Michigan. Stryker's products include implants used in joint replacement and trauma surgeries.
Cost effective solutions in ENT segment
Robert S. White, President and Chief Executive Officer of Entellus Medical, added: “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. 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.