STERIS signed a definitive agreement to acquire Pennsylvania-based Xodus Medical for $2.1 billion, primarily financed with debt. The transaction is expected to close by Dec. 31, subject to regulatory approval. Expected tax benefits would reduce the effective purchase price to approximately $1.8 billion.

Xodus is projected to generate about $245 million in 2026 revenue. Its products include Pink Pad patient-positioning systems, pressure- and nerve-injury prevention products, electrosurgical accessories, surgical-lens cleaning and anti-fog products, medication labels, and sharps-handling supplies.

The acquisition would expand STERIS’s presence in recurring, single-use OR supplies, adding products tied to patient safety and surgical workflow alongside its sterilization equipment and services.