Medical device maker Stryker Corp. (SYK) announced that it purchased NOVADAQ Technologies (NVDQ) for $701 million, or $11.75 per share.

NOVADAQ is a developer of fluorescence imaging technology that provides surgeons with visualization of blood flow in vessels.

Stryker shares were up 44 cents, or 0.31%, to $142.68 premarket Monday. 

"This transformative transaction recognizes the exceptional value we have built at NOVADAQ. Moreover, we believe it creates a strong opportunity for NOVADAQ, its customers, partners, shareholders, and employees," said NOVADAQ CEO Rick Mangat.

NOVADAQ shares were up 95% before the opening bell. 

What's Hot On the TheStreet

All eyes on Apple this week: Apple's (AAPL) stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.

But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.

"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.

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