US medical device giant Stryker said it will buy US-Physio-Control International Inc for $1.28 billion in cash. This will expand its emergency medical services business and increase its revenue expectations for the full year.
Stryker has been looking for deals, just earlier this month with a $2.78 billion acquisition agreement with medical supplies equipment company Sage Products LLC, saying it has the ability and cash to make more deals.
Stryker CEO Kevin Lobo said in a conference call with analysts on Tuesday that Stryker may be more active in the M&A market this year.
Physio-Control is a medical company owned by Bain Capital of the United States, which produces products such as defibrillators for first aid during cardiac arrest. It has been subordinated to Medtronic since 1998 but was stripped in 2006. Five years later, Bain Capital acquired the company, which reached an annual revenue of $503 million in 2015.
Stryker claims that sudden cardiac arrest is one of the most common causes of death worldwide, with 300,000 deaths per year in the United States. The acquisition of Physio-Control will enhance Stryker's emergency medical services in European countries, including Northern Ireland, Sweden and Denmark.
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