Stryker completes Orthovita acquisition
29 June 2011 00:00 in Medical Company Restructures
Stryker has announced that it has completed the takeover of fellow medical device manufacturer Orthovita.
Announced last month, the transaction gives Stryker control of a leading global orthobiologic products specialist, strengthening its position in the spine, orthopaedics and biosurgery markets.
The all-cash deal was valued at $316 million (197.1 million pounds) and encompasses brands such as Vitoss, Cortoss and Vitagel, with Orthovita's product portfolio achieving combined sales of $95 million in 2010.
Stephen MacMillan, chairman, president and chief executive officer of Stryker, said: "We believe the collective talent of our sizable sales forces across multiple franchises positions us to build on Orthovita's success and accelerate sales growth."
This comes after the firm agreed a deal to acquire the France-based manufacturing firm Memometal Technologies earlier this month.
The latter transaction will be concluded in the third quarter of 2011 and will help Stryker to gain a greater presence in the growing extremities market.
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Story collated for Zenopa by the Adfero News Agency