Stryker Takes Out One of Medtech’s 25 Most Attractive M&A TargetsStryker Takes Out One of Medtech’s 25 Most Attractive M&A Targets

And the award for the first billon-dollar deal of the year goes to: Stryker.

The Kalamazoo, MI-based company said it has signed a definitive agreement to acquire Inari Medical in a deal with an equity value of $4.9 billion. The deal is expected to close by the end of 1Q25.

Rumors erupted about the potential deal earlier Monday and caused Inari shares to go up by 30.6%.

Margaret Kaczor Andrew, an analyst with William Blair, wrote, "After six deals closed in 2024 and $1.6 billion in total considerations related to M&A paid through the first nine months of 2024 (net of cash acquired and $395 million contingent on clinical milestones), we believe Inari aligns with management’s M&A strategy after the company’s expectation to “stay active on the M&A front” in late October."

Irvine, CA-based Inari was founded in 2011 and brings a peripheral vascular position in the fast-growing segment of venous thromboembolism to Stryker.

“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 CEO of, Stryker. “These innovations elevate the standard of care for venous thromboembolism patients and will accelerate Stryker’s impact in endovascular procedures.

Related:Measuring Medtech's M&A Appetite in 2025

Stryker said that Inari’s product portfolio is highly complementary to its Neurovascular business and includes mechanical thrombectomy solutions for peripheral vascular diseases such as deep vein thrombosis and pulmonary embolism.

“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, CEO, 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.”

Marie Thibault, an analyst with BTIG wrote, "The transaction does not come as a surprise, since Stryker's management had discussed peripheral vascular as a potential area of interest. We do not have any concerns about anti-trust issues with this deal, since there is no overlap between Stryker's Neurovascular product portfolio and Inari's peripheral vascular products."

Legal Issues & Competitors

Inari has long been considered one of the  25 Most Attractive Medtech M&A Targets. But it has also been one filled with controversy. The company is currently under investigation initiated by the U.S. Department of Justice (DOJ) which centers around allegations of illegal kickbacks to healthcare professionals.

Related:What Medtech Is Talking About in January

BTIG Analyst, Richard Zimmerman wrote in a research note that, "Inari's ongoing investigation from DOJ on sales practices could be an overhang although Stryker's acquisition signals its comfort in navigating this issue."

Another potential roadblock for Inari is its rival Penumbra. Zimmerman wrote that Penumbra would benefit from the deal.

Zimmerman wrote, "Penumbra becomes a more attractive acquisition candidate now that Stryker is muscling into new markets which historically have been the focus of other large-cap peers. This alone is just scratching the surface though. Stryker’s entrance into the peripheral vascular market supports Penumbra as it serves as validation in the growth opportunities and market potential in peripheral vascular. Stryker can boost overall market growth as it brings along Inari’s technology in conjunction with other Stryker products. Market growth in peripheral vascular has often been an open-ended question given the lower penetration and share dynamics between Penumbra and Inari. We believe Stryker’s push into new geographic markets with Inari's technology will also support Penumbra's push as these markets are nascent.”

He went on to write that "Penumbra’s CAVT technology is superior in many clinical areas which should allow Penumbra to win share over time consistent with prior results."

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