Medical products company Sage Products has agreed to be acquired by Stryker Corp. for $2.775 billion in cash.
Sage Products, based in suburban Cary, is controlled by Chicago’s Madison Dearborn Partners. Sage makes products used to prevent hospital patients from developing conditions related to using ventilators, skin ulcers, pressure sores and surgical site infections.
Stryker, based in Kalamazoo, Michigan, is a medical technology company whose products are used in the areas of orthopedics, surgery, neurotechnology and spine.
“We are grateful for MDP’s partnership over the past few years and believe that Sage is well-positioned for continued achievement and long-term success with Stryker, a company that understands our business, supports our goals and embraces our values,” Sage President and CEO Scott Brown said in a news release.
Sage will continue to use its brand name. Its leadership team will remain in place and the company will keep its headquarters in Cary.
Madison Dearborn has been the majority owner of Sage since December 2012.