KALAMAZOO — Stryker Corp. said it has a deal to buy Entellus Medical Inc. of Plymouth, Minn. in a transaction valued at $662 million.
The Kalamazoo-based Stryker (NYSE: SYK) will pay $24 per share for Entellus Medical (Nasdaq: ENTL), an 11-year-old medical technology company producing products for minimally invasive treatments for ear, nose and throat (ENT) diseases. The deal is subject to approval by Entellus shareholders and federal antitrust review.
“Entellus is a leader in the ENT segment and offers a comprehensive portfolio of products that enable physicians to conveniently and comfortably perform a broad range of ENT procedures,” Timothy Scannell, group president for the MedSurg and Neurotechnology division at Stryker, said in a statement.
Entellus in 2016 had revenue of $75.2 million, up 22 percent from the $61.6 million in 2016, with a net loss of $28.7 million.
The company had sales of $23.3 million in the third quarter of 2017 with a net loss of $3.2 million. Through nine months of 2017, Entellus generated sales of $64.5 million and reported a net loss of $19.6 million.
Guggenheim Securities served as financial adviser, and Skadden, Arps, Slate, Meagher & Flom LLP served as outside legal counsel for Stryker.