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Stryker to acquire Invuity for $7.40 per share in cash

by Thomas Dworetzky , Contributing Reporter
Invuity, a leading medical technology maker of tools to boost visualization during surgery, has announced a deal in which it will go to Stryker for $7.40 per share in cash – valuing the firm at about $190 million.

“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’s Interim Chief Executive Officer Scott Flora said in a statement.

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The deal terms will have a Stryker subsidiary make the tender offer for all outstanding Invuity common stock shares at the cash price, subject to the usual terms and closing conditions.

After the tender offer is successfully finished, using cash on hand, Stryker will merge with and into Invuity. After the deal, slated to close in Q4 2018, Invuity will be delisted from NASDAQ.

Invuity’s products in the single-use lighted instrumentation and hybrid energy markets offer “best-in-class illumination,” thanks to its patented Intelligent Photonics, making for safer surgery, noted Spencer S. Stiles, Stryker group president for Neurotechnology, Instruments and Spine. “I look forward to the work we will do together to advance Stryker’s mission of making healthcare better.”

In August, the company introduced the full commercial launch of PhotonGuide Adapt, its system, including a flexible illuminator and a family of compatible retractors, for surgical procedures performed vaginally including pelvic organ prolapse repairs and vaginal hysterectomies.

PhotonGuide Adapt lets surgeons seamlessly adjust the illumination along the length of the retractor to accommodate the surgical target. The pairing of the flexible illuminator with a range of compatible retractors optimizes visualization deep into the surgical cavity.

“The PhotonGuide Adapt launch marks a major milestone in our commitment to advancing surgical procedures in women’s health,” Scott Flora, President and CEO of Invuity, said in a statement. “We now have a comprehensive product portfolio designed to meet the clinical and economic needs of surgical gynecologists and their female patients.”

In other Stryker acquisition news, the firm announced August 30, that it had formed a definitive merger agreement to acquire all shares of common stock of K2M Group Holdings for $27.50 per share, making the value of that firm about $1.4 billion.

K2M is a key player in the $10 billion spinal market, with yearly sales near $300 million, and brings to Stryker's spine division a portfolio that will build up its offerings in the core spinal segment, including an attractive, minimally-invasive spine portfolio.

"This acquisition underscores our commitment to the spinal market, which is the largest segment of orthopedics with significant unmet needs," stated Kevin A. Lobo, chairman and chief executive officer, Stryker. "We believe K2M will significantly enhance our presence with surgeons, patients and employees in both the spine and related neurotechnology markets."

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