Stryker Corporation Enters into Agreement to Acquire Inari Medical Inc.

Stryker Corporation, a leading medical technologies company, has announced its definitive agreement to acquire Inari Medical, Inc., a Delaware corporation. The Agreement and Plan of Merger were entered into on January 6, 2025. Pursuant to this agreement, an acquisition vehicle formed by Stryker will commence a tender offer to purchase all issued and outstanding shares of common stock of Inari at a price of $80 per share in cash.

The completion of the offer is subject to certain conditions, including the satisfaction of the Minimum Tender Condition, the Regulatory Condition, and the Absence of Legal Restraint Condition. The Offer is set to remain open for a minimum of 20 business days from its commencement date, with provisions for extensions if required.

Upon completion of the Offer, a merger will occur under the General Corporation Law of the State of Delaware, with Inari becoming a wholly-owned subsidiary of Stryker. Shareholders of Inari, excluding certain exceptions, will receive the Offer Price in cash for each share they hold.

The Merger Agreement also includes provisions for cooperation between the involved parties to ensure the smooth consummation of the Offer and Merger. Additionally, Inari has agreed to certain restrictions to discourage alternative acquisition proposals, unless deemed superior.

Termination rights exist within the Merger Agreement, allowing either party certain rights to terminate under specified circumstances. In the event of termination, provisions for a termination fee of $163 million are outlined.

The filing also includes a joint press release by Stryker and Inari, discussing the strategic acquisition and its impact on the medical technologies market. Stryker’s Chair and CEO commented on the acquisition, highlighting the significance of expanding their portfolio to address peripheral vascular diseases, especially venous thromboembolism.

Both companies emphasize their commitment to providing innovative solutions for unmet healthcare needs and improving patient outcomes through this acquisition. Further details of the transaction and its financial impact are expected to be discussed in Stryker’s upcoming earnings call scheduled for January 28, 2025.

The transaction is anticipated to close by the end of the first quarter of 2025, subject to customary closing conditions. Additional information for investors is available on Stryker’s Investor Relations website and on Inari’s website.

This press release contains forward-looking statements subject to various risks and uncertainties. Investors are advised to carefully review all materials related to the tender offer and acquisition transaction for informed decision-making.

Contact Information:
– Stryker: Jason Beach, Vice President, Investor Relations
– Inari: Neil Bhalodkar, Vice President, Investor Relations

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Stryker’s 8K filing here.

Stryker Company Profile

Stryker Corporation operates as a medical technology company. The company operates through two segments, MedSurg and Neurotechnology, and Orthopaedics and Spine. The Orthopaedics and Spine segment provides implants for use in total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries.