Stryker Buys Canadian Imaging Company for $701 Million

Medical device manufacturer Stryker will acquire a Canadian medical imaging firm for $701 million.

Stryker, based in Kalamazoo, Mich., announced the deal to buy Ontario’s NOVADAQ Technologies this week, with the deal expected to close after a meeting of NOVADAQ shareholders on Aug. 4 and approval from the two countries’ respective regulatory bodies.

The deal is part of Stryker’s plans to focus more on visualization and “enabling our customers to see and do more,” according to Timothy Scannell, group president of MedSurg and NeuroTechnology, Stryker. Stryker leadership is hopeful the acquisition will help its devices reduce care costs and post-procedure complications. — Zack Budryk