Stryker has entered a definitive agreement to acquire complete issued and outstanding shares of Inari Medical’s common stock for $80 per share in cash, which equates to a total equity value of nearly $4.9bn.

Inari is poised to enhance Stryker's footprint in the peripheral vascular sector, particularly in the venous thromboembolism (VTE) market.

The company’s portfolio of mechanical thrombectomy devices is set to ‘complement’ Stryker’s neurovascular division.

These solutions are designed to treat peripheral vascular conditions such as pulmonary embolism and deep vein thrombosis. They claim to remove VTE clots without relying on thrombolytic drugs.

Stryker CEO and chair Kevin Lobo said: “The acquisition of Inari expands Stryker's portfolio to provide life-saving solutions to patients who suffer from peripheral vascular diseases.

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

The transaction, which has been unanimously approved by both companies' boards, will be initiated through a tender offer for all outstanding Inari common stock shares at the agreed price.

The completion of this offer depends on a majority of Inari's shares being tendered, the Hart-Scott-Rodino Antitrust Improvements Act waiting period expiring or being terminated, and other standard conditions.

After the tender offer, Stryker plans to implement a ‘second step merger’ to acquire any remaining Inari shares not tendered in the initial offer, at the same purchase price.

The acquisition is expected to be finalised by the end of this year’s first quarter, subject to the satisfaction of the closing conditions.

Inari Medical CEO Drew Hykes said: “Inari has positively impacted the lives of hundreds of thousands of patients through the development of purpose-built tools that address unmet patient needs.

“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.”

Last month, Inari Medical entered a joint venture with life sciences venture fund 6 Capital, successor fund 120 Capital, and China-based medical device platform VFLO Medical to distribute its venous disease technologies throughout Greater China.