Stryker announced a definitive agreement to acquire all issued and outstanding shares of common stock of Inari Medical, Inc.

The agreement values each share at $80 in cash, representing a total fully diluted equity value of approximately $4.9 billion. The boards of directors of both Stryker and Inari have unanimously approved the transaction.

Inari, which was founded in 2011, will bring a leading peripheral vascular position in the fast-growing segment of venous thromboembolism (VTE) to Stryker. Inari’s innovative product portfolio is highly complementary to Stryker’s Neurovascular business and includes mechanical thrombectomy solutions for peripheral vascular diseases such as deep vein thrombosis and pulmonary embolism.

“The acquisition of Inari expands Stryker’s portfolio to provide life-saving solutions to patients who suffer from peripheral vascular diseases,” said Kevin Lobo, Chair and Chief Executive Officer, Stryker. “These innovations elevate the standard of care for venous thromboembolism patients and will accelerate Stryker’s impact in endovascular procedures.”

Following the successful completion of the tender offer, Stryker will acquire all remaining shares not tendered in the offer through a second-step merger at the same price as in the tender offer.

“Inari has positively impacted the lives of hundreds of thousands of patients through the development of purpose-built tools that address unmet patient needs,” said Drew Hykes, Chief Executive Officer, Inari. “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 transaction is expected to close by the end of the first quarter of 2025, subject to customary closing conditions.