Market Overview

Wall Street's M&A Chatter From December 7: Entellus Medical-Stryker, Sucampo, Silicon Labs-Sigma Designs


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, Dec. 7, 2017.

Entellus Medical to be Acquired by Stryker for $24.00/Share in Cash

The Deal

Entellus Medical, Inc. (NASDAQ: ENTL) announced a definitive merger agreement, under which Stryker Corporation (NYSE: SYK) will acquire Entellus for $24.00 per share in cash, for an equity value of approximately $662 million. The Entellus Board of Directors unanimously approved the agreement, which is subject to approval by Entellus' stockholders, expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.

Entellus Medical closed Thursday at $23.99, up $7.98.

Sucampo Said to Weigh Sale

The Rumor:

Sucampo Pharmaceuticals (NASDAQ: SCMP) is said to be considering a sale after expressions of interest, according to sources as reported by Bloomberg. Sucampo could be an attractive acquisition for large drugmakers with an interest in gastroenterology, the sources said.

Bloomberg said Sucampo is considering its option, but has not yet made a decision.

Sucampo closed at $16.60, up 65 cents.

Silicon Labs to Acquire Sigma Designs for $7.05/Share in Cash

The Deal

Silicon Labs (NASDAQ: SLAB) and Sigma Designs, Inc. (NASDAQ: SIGM) announced a definitive agreement under which Silicon Labs will acquire Sigma Designs for $7.05 per share in cash. The transaction is valued at approximately $282 million.

Silicon Labs expects the transaction to close in Q1 of 2018.

Sigma Designs closed at $5.60, and traded at $6.80 after-hours.

Gilead Sciences and Kite to Acquire Cell Design Labs for ~$567M

The Deal:

Gilead Sciences, Inc. (NASDAQ: GILD) and its cell therapy subsidiary Kite have agreed to acquire Cell Design Labs, Inc. for up to approximately $567 million, including an upfront payment of approximately $175 million, plus additional payments of up to $322 million based on achievement of development and approval milestones.

The acquisition is expected to close shortly.

Gilead Sciences closed at $72.72, down 57 cents.


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Posted-In: M&A News Rumors Pre-Market Outlook