Stryker Corp. agreed to buy medical device maker Entellus Medical, Inc. for an equity value of about $662 million.
Entellus Medical specializes in making minimally invasive devices for procedures related to ear, nose and throat, or ENT.
Under the deal, which would complement Stryker's existing ENT portfolio, the company would pay Entellus' shareholders $24 per share.
The closing of this transaction is subject to approval by Entellus' stockholders, expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.
The deal is expected to be dilutive to Stryker's 2018 adjusted net earnings per diluted share by about 4 cents and accretive thereafter.
Guggenheim Securities acted as financial adviser and Skadden Arps Slate Meagher & Flom LLP served as outside legal counsel to Stryker for the deal.