Stryker has signed an agreement to acquire US-based medical technology firm Invuity for an equity value of around $190m.
Image: Stryker has agreed to acquire medical technology firm Invuity. Photo: courtesy of RK008 / FreeDigitalPhotos.net.
Based in San Francisco of California, Invuity is a medical technology company focused on advanced surgical devices for better visualization.
The company is engaged in the development and commercialization of advanced surgical devices, which will help surgeon to carry out minimal access surgery through smaller and hidden incisions.
The company produces advanced photonics and single-use, lighted instruments, which deliver enhanced visualization for different clinical applications, including orthopedic and spine surgery, general surgery, and women’s health procedures.
As per terms of the deal, Stryker will purchase complete outstanding shares of Invuity by paying $7.40 per share in cash.
Invuity interim CEO Scott Flora said: “The combination of Stryker’s established leadership in minimal access surgery paired with Invuity’s suite of enabling visualization and surgical devices should facilitate better patient outcomes and operating room efficiencies in women’s health, general surgery, electrophysiology and orthopedics.”
Invuity produces patented Intelligent Photonics technology, which delivers enhanced visualization and facilitates surgical precision.
The clinical applications of the technology include women’s health, encompassing breast cancer and breast reconstruction surgery, gynecology and thyroid surgery/
Invuity’ technology can also be used in additional applications, including procedures for general surgery, electrophysiology, spine and orthopedics.
The company’s medical technology is integrated into a family of proprietary optical waveguides coupled to a modified fiber optic cable and designed to work with standard xenon and LED light sources used in the operating room.
Invuity produces products such as Eikon, Eika, Eipex, Eivector, Breiten, Saber Yankauer, Saber Frazier and Waveguide.
Subject to the satisfaction or waiver of the transaction conditions, the deal is expected to complete in the fourth quarter of this year.
Stryker neurotechnology, instruments and spine group president Spencer Stiles said: “Invuity’s innovative products in the single-use lighted instrumentation and enhanced energy markets provide best in class illumination and help make surgery safer.
“I look forward to the work we will do together to advance Stryker’s mission of making healthcare better.”
In August this year, Stryker also agreed to acquire US-based K2M Group Holdings for an equity value of around $1.4bn.
Stryker provides products and services in orthopedics, medical and surgical, and neurotechnology and spine segments.
Established in 2004, K2M Group is engaged in the design, development and commercialization of complex spine and minimally invasive spine technologies for the treatment of complicated spinal pathologies.