After professing a hearty appetite for tuck-in M&A last year and signing a string of smaller deals, Stryker is now opening its pocketbook a bit wider to acquire Inari Medical with its portfolio of blood-clot-busting devices and 1,400 employees.
Stryker will put down $80 per share in cash for Inari for a total of about $4.9 billion. The company said the addition of Inari’s hardware for treating venous thromboembolism (VTE) in the arms, legs and lungs will provide a nice complement to its current neurovascular business for attacking strokes within the brain.
“Inari has positively impacted the lives of hundreds of thousands of patients through the development of purpose-built tools that address unmet patient needs,” Inari CEO Drew Hykes said in a statement. “With Stryker’s capabilities and global infrastructure, we will be even better positioned to accelerate the development of innovative new solutions and expand our footprint.”
The two companies estimate that up to 900,000 people in the U.S. suffer from venous blood clots each year—with patients at particularly high risk following hospitalizations and surgeries as well as during cancer treatment or pregnancy and childbirth.
Inari’s catalog includes the catheter-based FlowTriever and ClotTriever systems for mechanically removing blood clots in cases of pulmonary embolism and deep vein thrombosis, respectively.
Meanwhile, the Irvine, California-based company’s RevCore and InThrill devices are designed to help clear blocked stents as well as the arteriovenous fistulae used in dialysis.
Additionally, in November 2023, Inari inked a $415 million deal to buy LimFlow, maker of a transcatheter-based covered stent that redirects blood flow around blocked arteries to help restore the delivery of oxygen to a leg at risk of being amputated.
Stryker pegged Inari’s 2024 revenues at $603 million while estimating that mechanical thrombectomy for VTE alone has reached a $6 billion opportunity in the U.S. and is growing about 20% annually. The two companies said they expect the deal to be completed by the end of March.
Last year, Stryker’s acquisitions included Molli Surgical, with its miniature tissue marker for targeting breast cancer lesions during surgery; care.ai, a developer of smart hospital systems and room management solutions; and Nico Corporation, maker of instruments for reaching deep strokes and surgically removing brain tumors.