Medical technology company Stryker Corp. said Thursday it has agreed to acquire K2M Group Holdings Inc. for $27.50 a share or a total equity value of $1.4 billion.
K2M was founded in 2004 and has become a player in the $10 billion market for technology to treat spinal disorders with annual sales of close to $300 million. “K2M brings to Stryker’s Spine division a highly complementary and innovative portfolio, which includes a strong position in the complex spine market,” Stryker said in a statement.
The deal is expected to close in the fourth quarter and will not have a material impact on Stryker’s EPS or adjusted EPS in 2018.
The company is sticking with its adjusted EPS guidance of $7.22 to $7.27.l K2M shares were halted for the news. Stryker shares were slightly lower, but have gained 11% in 2018, while the S&P 500 has gained 9%.
By Ciara Linnane
Source: MarketWatch
Johnson Matthey Plc (JM; London) announced that it has signed a definitive agreement to sell 100% of its Medical Device Components business (MDC) to Montagu Private Equity (Montagu) for cash consideration of US$700 million (£550 million) on a cash free debt free basis.
Lonza AG (Basel, Switzerland) announced it has signed an agreement to acquire the Genentech large-scale biologics manufacturing site in Vacaville, Calif. from Roche (Basel, Switzerland) for $1.2 billion. The acquisition will significantly increase Lonza’s large-scale biologics manufacturing capacity.
Roquette plans to acquire International Flavors & Fragrances (IFF) Pharma Solutions for an enterprise value of up to €2.85 billion (US$3.09 billion). With the acquisition set to close in the first half of 2025, the plant-based ingredient and pharmaceutical excipients supplier aims to reinforce its position in the pharmaceutical industry.