Stryker Corp. (SYK) is buying Entellus Medical Inc. (ENTL) for about $662 million, or $24 a share.
Entellus makes products for the minimally invasive treatment of chronic and recurrent sinusitis, a condition where sinuses become infected. The deal's value is a 49% premium over the company's closing price Wednesday.
Continue Reading Below
Entellus was founded in 2006 and is headquartered in Plymouth, Minn.
Stryker said the business is complementary to the existing ear, nose, and throat portfolio of its instruments business.
The transaction is expected to dent Stryker's 2018 adjusted net earnings per share by about 4 cents and then add to per-share earnings afterward.
Entellus had revenue of $75.2 million in 2016 and reported a net loss of $28.7 million.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
December 07, 2017 09:00 ET (14:00 GMT)