Mako Surgical Corp., based in Fort Lauderdale, Fla., has approximately 47 million outstanding shares, according to FactSet. The company's products include its Rio robotic arm interactive orthopedic system and its Restoris implants. It also recently introduced the Makoplasty total hip arthroplasty, a new robotic arm system that is used for complete hip replacements.
Stryker CEO Kevin Lobo says Mako's robotic technology has long-term potential for human joint reconstruction.
The transaction must still be approved by Mako shareholders.
Stryker said that the acquisition will likely shave about 10 to 12 cents per share in adjusted earnings during the first full year. The deal is anticipated to be neutral to its earnings in the second year and add to earnings after that.
Shares of Stryker Corp., based in Kalamazoo, Mich., fell $1.83, or 2.6%, to $69, in premarket trading.