Stryker (SYK) agreed to acquire medical technology maker Inari Medical (NARI) in an all-cash deal worth roughly $4.9 billion as the company looks to boost its neurovascular and endovascular segments.

Under the terms of the deal, Stryker will launch a tender offer to acquire all shares of Inari for $80 apiece, according to a late Monday statement. After completing the tender offer, Stryker will acquire all remaining shares not tendered in the offer through a second-step merger at the same price as in the tender offer. Inari makes mechanical thrombectomy solutions to treat peripheral vascular diseases.

The transaction, which requires approval from regulators, is expected to be completed by the end of the ongoing quarter, a presentation showed. Inari's stock jumped 22% in Tuesday's premarket activity, while Stryker declined 2.5%.

"The acquisition of Inari expands Stryker's portfolio to provide life-saving solutions to patients who suffer from peripheral vascular diseases," Stryker Chief Executive Kevin Lobo said in the statement. "These innovations elevate the standard of care for venous thromboembolism patients and will accelerate Stryker's impact in endovascular procedures."

Stryker aims to fund the acquisition with cash on hand and debt, according to the presentation. The company plans to discuss the impact of the deal on the financial results of 2025 during its fourth-quarter earnings call on Jan. 28.

The transaction is estimated to be accretive to Stryker's organic revenue growth by about 30 basis points and add 70 basis points to its gross margin, Needham said in a client note. The firm forecasts the deal to be about 2.4% dilutive to the medical technology company's 2025 earnings on a per-share basis.

"We believe that the acquisition makes strategic sense for (Stryker) since (Inari's) (venous thromboembolism) products are complementary to (Stryker)'s neurovascular products, including its stroke products which also remove blood clots," according to Needham.

In October, Inari reported a third-quarter net loss of $0.31 per share versus income of $0.05 the year before, while revenue advanced 21% year over year to $153.4 million. At the time, the company said it expected full-year 2024 revenue of $601.5 million to $604.5 million.

"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," Inari CEO Drew Hykes said in the Monday statement.