Kalamazoo, Mich.-based medical devices manufacturer Stryker Corp. is acquiring a a maker of specialized surgical tools which integrate lights to aid doctors.
Stryker agreed to acquire all issued and outstanding shares of Invuity Inc. of San Francisco for $190 million, it announced in a Sept. 11 news release.
Styker will buy outstanding shares of common stock for $7.40 each after the deal received approval from boards of each company. The boards of directors of Stryker and Invuity have approved the transaction. The deal is expected to be finalized in the fourth quarter.
"Invuity's innovative products in the single-use lighted instrumentation and enhanced energy markets provide best in class illumination and help make surgery safer," said Spencer Stiles, group president of Stryker's Neurotechnology, Instruments and Spine division.
Invuity describes its products as using proprietary optical guides coupled with a modified fiber optic cable for use in the operating room. The devices integrate a "solid-core optical grade polymer ... to provide direct intracavity illumination and visualization."
Launched in 2004, Invuity developed a strong portfolio of innovative lighting solutions for surgeons that will add to Stryker's instruments business, according to the release.
New York City-based Moelis & Co. LLC and and California-based Wilson Sonsini Goodrich & Rosati PC were financial advisers for Invuity.