Sector News

Stryker acquires intensive-care product maker for $2.76 billion

February 3, 2016
Life sciences

Medical-device maker Stryker reached a deal to buy a 45-year-old manufacturer of health-care treatment products for hospitals for $2.76 billion.

Stryker is acquiring Sage Products from private equity firm Madison Dearborn Partners, the companies said in a statement Monday.

Cary, Ill.-based Sage, which had $430 million in revenue in its 2015 fiscal year, makes disposal products aimed primarily at intensive-care units and other hospital settings. Its products include solutions for patient cleaning, turning and positioning, oral care and skin preparation. Stryker sells products that are complementary to those produced by Sage, the companies said.

Stryker, based in Kalamazoo, Mich., said it would glean a $500 million tax benefit from the deal, which is expected to close in the second quarter.

“This acquisition aligns with Stryker’s focus on offering products and services that support a mindset of prevention, specifically in the area of ‘never events’ such as hospital-acquired infections,” Stryker CEO Kevin Lobo said in a statement.

Stryker raised its full-year 2016 earnings projection by 5 cents per share to a range of $5.55 to $5.75.

By Nathan Bomey

Source: USA Today

Related News

June 19, 2021

P&G-backed Kindra to tap into overlooked menopause sector after landing US$4.5M

Life sciences

Kindra has closed a US$4.5 million seed funding round to expand and grow its menopause offerings. The US-based brand, which is backed by P&G Ventures, aims to drive a cultural shift around menopause, which has been “long overlooked.”

June 19, 2021

Johnson & Johnson among companies excluding Colorado residents from remote job openings after new state law

Life sciences

Colorado established a new law this year requiring companies to divulge a salary range on job postings. But some large companies, like Johnson & Johnson, McKesson and Cardinal Health, have responded by barring candidates from the state.

June 19, 2021

Former Emisphere investors sue over ‘ill-timed’ $1.8B sale to Novo Nordisk

Life sciences

Former Emisphere stockholder IsZo Capital is one of several parties seeking damages against controlling stockholder MHR Fund Management for allegedly “co-opting” the drug delivery specialist’s board and forcing an “ill-timed” sale to Novo Nordisk at an “artificially low price,” a new lawsuit says.

Send this to a friend