Stryker Acquires Photonics Company

Stryker announced a definitive agreement to acquire all the issued and outstanding shares of common stock of Invuity, Inc. for $7.40 per share, or a total equity value of approximately $190 million. Invuity is the leader in advanced photonics and single-use, lighted instruments that deliver enhanced visualization for a wide variety of clinical applications including orthopaedic and spine surgery, general surgery, and women's health procedures, and is a recent entrant into the enhanced energy market.

Founded in 2004, and headquartered in San Francisco, California, Invuity's portfolio of innovative products is highly complementary to the Surgical portfolio of Stryker's Instruments business.

Under the terms of the agreement, Stryker will commence a tender offer for all outstanding shares of common stock of Invuity for $7.40 per share, in cash.  The boards of directors of both Stryker and Invuity have approved the transaction. The closing of this transaction is subject to the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The transaction is expected to close in the fourth quarter of this year and is expected to have an immaterial impact to net earnings in 2018.