Stryker completes Memometal Technologies takeover

Stryker has finalised its deal to acquire the privately-held company Memometal Technologies, which was originally announced last month.

The $150 million transaction (94 million pounds) takeover gives Stryker control over a leading developer and manufacturer of products for extremity indications, which utilises proprietary shape memory metal alloy preparation technology.

It develops products for the foot and ankle as well as the hand and wrist markets, with its sales in 2010 coming to $30 million.

Stephen MacMillan, chairman, president and chief executive officer of Stryker, said the deal will give the firm "the platform to further establish our company as a key player in the rapidly growing foot and hand segment of the extremities market and creates a strong presence in the podiatric surgery market".

This comes after the company completed its acquisition of Orthovita last month, a deal which allows Stryker to leverage the experience of a leading global orthobiologic products specialist.