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Medical device maker Stryker will buy smaller peer Mako Surgical for about $1.65 billion to gain access to Mako's technology for robot-assisted orthopedic surgery.
Stryker will pay $30 per Mako share in cash, an 86 percent premium to Mako's Tuesday closing price.
Mako, founded in 2004, makes orthopedic surgical systems and knee and hip implants for treating early to mid-stage osteoarthritis.
Its Rio surgical system includes a robotic arm that helps surgeons with precise and accurate insertion of orthopedic implants.
The deal is expected to hurt Stryker's adjusted earnings per share, excluding acquisition and integration-related charges, by about 10 cents to 12 cents in the first full year.
This is Stryker's second deal this year. It acquired Hong Kong-based Trauson Holdings for $764 million in March.
Stryker makes devices related to orthopedics, spine and endoscopy as well as surgical instruments and implants. It also makes software packages to help surgeons.
"The acquisition of Mako combined with Stryker's strong history in joint reconstruction, capital equipment and surgical instruments will help further advance the growth of robotic assisted surgery," Stryker CEO Kevin Lobo said in a statement.