Stryker (NYSE:SYK) has agreed to acquire Novadaq Technologies (NASDAQ:NVDQ; TSX:NDQ) for $11.75 a share, implying a total equity value of approximately $701-million.
The transaction price represents a premium of approximately 95.8% over the $6 closing price of Novadaq's shares on NASDAQ on June 16.
"This transformative transaction recognizes the exceptional value we have built at Novadaq,” Rick Mangat, president and CEO, said in a statement.
"I am proud of the impact our SPY and PINPOINT technology has made throughout the world in breast reconstruction and colorectal surgery, as well as other minimally invasive applications, and look forward to the additional progress we can make as part of Stryker's organization," he added.
Timothy Scannell, Stryker's group president, MedSurg and NeuroTechnology, said Novadaq's unique, innovative technology complements Stryker’s advanced imaging portfolio and expands its product offerings into open and plastic reconstructive surgery.
“Their innovative technology can reduce post-procedure complication rates and the cost of care for a broad variety of surgical treatments," he added.