Stryker to buy medical device firm

KALAMAZOO — The Kalamazoo-based medical device maker Stryker Corp. (NYSE: SYK) said Thursday it would buy a smaller medical device firm, Entellus Medical Inc., in a deal valued at $662 million.

Entellus, based in Plymouth, Minn., makes surgical instruments and other devices used in ear, nose and throat procedures.

Stryker said it would pay $24 a share for Entellus, a premium of about 50 percent over Entellus’ closing stock price Wednesday of $16.06 a share.

Entellus posted revenue of $64.6 million for the first nine months of 2017, up from $53.5 million in the first nine months of 2016. It posted a loss of $19.6 million for the period, an improvement from a loss of $21.4 million a year earlier.

Stryker posted revenue of $8.97 billion for the first nine months of the year, up from $8.19 billion a year earlier. Net income was $1.27 billion or $3.34 a share, up from $1.14 billion or $3.01 a share a year earlier.

Stryker offers products and services in orthopaedics, medical and surgical, and neurotechnology and spine business units that help improve patient and hospital outcomes. More at www.stryker.com.

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