Stryker (NYSE:SYK) said today it agreed to acquire the entirety of Synergetics (NSDQ:SURG) neuro portfolio for an undisclosed amount.
The buy puts Synergetics Malis generator, Malis disposable forceps as well as Stryker’s existing Sonopet tips and RF generator into Stryker’s portfolio, according to the Kalamazoo, Mich.-based company.
“The acquisition of the Synergetics neuro portfolio is highly complementary to Stryker Instruments’ Neuro Spine & ENT business and is aligned with NSE’s strategy of expanding its neurosurgical product offering,” medsurg and neurotech group prez Timothy Scannell said in prepared remarks.
Synergetics reported that the portfolio made $31 million in OEM sales during 2015. Stryker said it expects the buy, which the company hopes will close in the 1st quarter, to be neutral to its 2016 adjusted earnings per share excluding acquisition.
Stryker shares have risen slightly, up 1.7% and trading at $98.27 as of 9:40 a.m. EST.
The buy is the 2nd for the company so far this February. Earlier this month, Stryker said it inked a deal to pay nearly $2.78 billion for Sage Products and its line of disposable devices designed to reduce so-called “never events” in intensive care and surgery settings.
Cary, Ill.-based Sage makes products for oral care, skin preparation & protection, patient cleaning & hygiene, turning & positioning and heel care. Sales for the company, which is owned by private equity firm Madison Dearborn Partners, grew 13% to $430 million last year, Stryker said.
Stryker said the deal for Sage, expected to close during the 2nd quarter, is expected to add to adjusted earnings per share this year and down the road. That prompted the Kalamazoo, Mich.-based company to boost its adjusted EPS outlook by 5¢, to $5.55 to $5.75.
