Steris Agrees to Acquire Xodus Medical for $2.1 Billion

Steris signed an agreement to acquire Xodus Medical, a specialty surgical products business, for $2.1 billion. The acquisition is designed to expand the Steris portfolio through the addition of consumable surgical products, most notably the Pink Pad used for patient positioning during surgery.

Steris plans to finance the transaction primarily through debt. The company expects the deal to generate cash tax benefits with a net present value of approximately $300 million. The agreement also includes potential earnout considerations of up to $150 million, which are contingent upon performance targets set for 2028.

Xodus Medical is projected to record $245 million in revenue and $135 million in adjusted earnings before interest and taxes in 2026. The transaction is expected to close by December 31, 2026, pending regulatory approvals and standard closing conditions.