Stryker beefs up ENT business with $662 mln Entellus buy


Dec 7 (Reuters) - Medical device maker Stryker Corp said on Thursday it would buy Entellus Medical Inc for $662 million, adding heft to its ear, nose and throat (ENT) business.

Stryker would pay $24 per Entellus share, a premium of about 50 percent to Entellus's Wednesday close. Entellus shares jumped 53.7 percent to $24.60 in premarket trading.

Plymouth, Minnesota-based Entellus designs minimally invasive products for the treatment of various ENT diseasees. The company generated revenue of $23 million in the third quarter.

The deal is expected to be dilutive to Stryker's 2018 adjusted net earnings by about 4 cents per share, but accretive thereafter, the company said.

Guggenheim Securities was financial adviser to Stryker, while Piper Jaffray & Co advised Entellus.

This article appears in: Stocks , Politics
Referenced Symbols: ENTL ,

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