Stryker just reached an agreement with Sage to acquire the company for $2.76 billion in an all cash agreement. The acquisition is expected to boost Stryker's revenue in the coming years and the company will also enjoy $500 million in tax benefit.
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Bid speculation drove up the shares of medical devices maker Smith & Nephew (SN.L) on Wednesday, allowing it to outpace sluggish European stock markets in a shortened session ahead of the Christmas break.
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