Stryker (NYSE:SYK) has put in a bid as it looks to acquire rival Boston Scientific (NYSE:BSX), according to a new report from the Wall Street Journal.
Boston Scientific has not actively responded to the approach, according to the report, which came from sources “familiar with the matter,” according to the WSJ.
“As a matter of company policy, we do not comment on potential M&A,” a Stryker representative said, according to a Reuters report.
The deal would create a combined medical device company worth more than $110 billion, according to Reuters, with Boston Scientific holding a market value of approximately $44 billion while Stryker commands a value of nearly $67 billion.
If a deal between the two major players took place, it would likely be the largest M&A deal in the medtech field so far this year.
Shares in Boston Scientific have risen 7.6% so far today, at $34.36, while shares in Stryker have fallen 1.9%, at $175.49 as of 11:37 a.m. EDT.
In late May, Boston Scientific and the U.S. Internal Revenue Service finalized their settlement of a tax beef dating back to the $26 billion acquisition of Guidant in 2006, which would see the company pay nearly $610 million in taxes and interest.
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