Stryker plans to acquire defibrillator maker Physio-Control in $1.28B deal

Medical device company Stryker Corp. said Tuesday it will acquire defibrillator maker Physio-Control International from private-equity firm Bain Capital for $1.28 billion in cash.

Physio-Control's products are  "highly complementary" to Stryker Medical's emergency medical services offerings, and the deal also expands Stryker's global presence, the company said in a statement.

Physio-Control, which makes and markets defibrillators as well as CPR-assist devices, had sales of  $503 million in fiscal 2015, up 6% over the previous year.

Officials said they expect the deal to close at the beginning of the second quarter, and gradually add to Stryker's  adjusted per-share earnings in 2016.

Last week Stryker said it would acquire all of the assets associated with Synergetics' neuro portfolio in an all cash transaction. Earlier this month, Stryker announced a deal to buy a 45-year-old manufacturer of health-care treatment products for hospitals, Sage Products, for $2.76 billion.

Officials said Tuesday that revised adjusted 2016 earnings-per-share guidance for the year, reflecting the Physio-Control acquisition and previous transactions, is now $5.57-$5.77. The company's previous outlook for 2016 had estimated earnings per share at $5.50-$5.70 for the full year.

Reach Paste BN reporter Laura Ungar on Twittter @laura_ungar.