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Inari Shares Skyrocket As Stryker Will Acquire Medical Device Maker for $4.9B
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Main points
- Shares of Inari Medical surged again Monday afternoon and Tuesday morning as reports of an imminent Stryker acquisition materialized.
- Stryker will acquire Inari in an all-cash deal worth $80 per share, valuing it at approximately $4.9 billion.
- The deal for the vascular medical device maker was first reported on Reuters On Monday afternoon, Inari shares were up 30% by the end of trading on Monday.
Inari Medical (NariThere are reports that the company is about to be acquired by Stryker (SYK) was proven correct.
The companies announced the deal after the market closed Monday. Stryker will acquire Inari for $80 per share, which was the last price of Inari stock in late 2022. The deal values the company at about $4.9 billion, the companies said.
Stryker makes a variety of medical products, from furniture such as hospital beds and cleaning products to orthopedic and neurosurgery tools. Inari specializes in conditions such as venous thromboembolism, or blood clots in the veins of patients, providing surgical products to treat these problems.
Inari shares rose 30% on Monday and more than 20% on Tuesday morning
The deal is reportedly close to completion Reuters Monday afternoon, The news sent Inari shares up more than 30% to $65 before the close of Monday’s trading session. In pre-market trading on Tuesday, the company’s shares rose another 21% to about $78.75, close to the purchase price Stryker planned to pay.
The two companies said the acquisition of Inari will increase Stryker’s product offerings in the field of medical devices to treat blood vessel problems such as blood clots. Inari recently said demand for its medical equipment had increased in recent quarters as elective surgeries picked up following the pandemic. Reuters.
“The acquisition of Inari expands Stryker’s product portfolio to provide life-saving solutions for patients suffering from peripheral vascular disease,” said Stryker CEO Kevin Lobo. “These innovations advance the standard of care for VTE patients and will accelerate Stryker’s impact in endovascular procedures.”
The companies expect the deal to close in the first quarter of this year, and Stryker said it will provide an update on how the deal will impact the company’s financial results for the current fiscal year during an earnings call on Jan. 28.
Stryker shares fell about 1.7% to $354.97 in premarket trading Tuesday, after closing almost flat on Monday. Reuters Report.
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