Stryker pledges $662m cash for Entellus Medical

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Stryker acquires Entellus MedicalEntellus Medical (NSDQ:ENTL) said today that it struck a deal to be acquired by Stryker (NYSE:SYK) for $662 million in cash.

Plymouth, Minn.-based Entellus, founded in 2006, makes a family of minimally invasive balloon device products, including its flagship Xpress device, that are designed to treat blocked sinuses. Earlier this year it closed the $81 million buyout of Spirox and its Latera absorbable nasal implant.

The company’s shareholder must still approve the $24-per-share deal.

“The combination of Stryker’s established commitment to making healthcare better and Entellus’ innovative products within the ENT segment will continue to provide our customers the tools they need for cost effective solutions,” president & CEO Robert White said in prepared remarks. “I look forward to the additional progress we will make together.”

“Entellus is a leader in the ENT segment and offers a comprehensive portfolio of products that enable physicians to conveniently and comfortably perform a broad range of ENT procedures,” added Stryker medsurg & neurotech president Timothy Scannell.

In September the FDA released an April warning letter sent to Entellus over a study of the Xpress device in pediatric patients, involving use of a dilator in patients under age 12 in frontal and sphenoid sinuses; the trial’s approved protocol only allowed treatment in the maxillary sinus for patients that young, according to the federal safety watchdog.

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