Medical device maker Stryker Corp. kicked off 2025 with a massive transaction. The Kalamazoo, Michigan-based company announced that it has agreed to acquire Inari Medical, headquartered in Irvine, California. Under the terms of the deal, which was first reported by Reuters on January 6, 2024, Stryker will pay $80 per share for Inari. The all-cash deal is worth $4.9 billion.
Founded in 2013, Inari Medical Inc is a maker of devices and systems that treat patients suffering from a variety of blood clot conditions including pulmonary embolism, deep vein thrombosis and in-stent thrombosis, which occurs when blood clots form in the devices used to prop open coronary arteries that have been cleared of blockages. According to its most recent annual report, Inari Medical had annual revenue of $493.6 million during fiscal year (FY) 2023, and EBITDA was a loss of $436,000 during FY 2023.
Stryker develops, manufactures and markets specialty surgical and medical products. These include orthopedic implants, powered surgical instruments, endoscopic systems and patient care and handling equipment. Stryker impacts more than 150 million patients annually. Stryker’s revenue for the 12 months ending December 31, 2023, was $20.5 billion.
The deal for Inari bolsters Stryker’s efforts to build out its offerings to treat a condition called venous thromboembolism, where a blood clot forms in a vein, and other vascular diseases.
“The acquisition of Inari expands Stryker’s portfolio to provide life-saving solutions to patients who suffer from peripheral vascular diseases,” said Stryker CEO Kevin Lobo. “These innovations elevate the standard of care for venous thromboembolism patients and will accelerate Stryker’s impact in endovascular procedures.”
Inari had been working with advisers to explore a sale in recent weeks after fielding acquisition interest from Stryker and other parties, according to people familiar with the matter. The deal, which has been approved by the boards of both companies, is expected to close by the end of the first quarter of 2025.
According to data captured in the LevinPro HC database, this acquisition marks the first Medical Devices transaction of 2025. There were 87 Medical Devices deals announced during 2024, 112 announced during 2023 and 124 announced during 2022.
