Stryker agrees to purchase Concentric Medical
6 September 2011 00:00 in Medical Company Restructures
Stryker has agreed a deal to purchase Concentric Medical, a developer of minimally invasive products for the treatment of acute ischemic stroke.
The company will pay $135 million (84.22 million pounds) to purchase the California-based business, with the deal expected to close early in the fourth quarter of the year.
Concentric was founded in 1999 and offers medical devices for the removal of thrombus in patients affected by stroke, while trials are currently ongoing for its next-generation clot removal system Trevo Retriever.
By purchasing the firm, Stryker will be able to expand its access to the acute ischemic stroke markets in Europe, the US and Japan, while also leveraging the expertise of Concentric's workforce.
Stephen MacMillan, chairman, president and chief executive officer of Stryker, said: "The acquisition of Concentric Medical and its leadership team provides us with the opportunity to leverage our global distribution capabilities and help bring innovative treatment options to the large and underserved ischemic stroke population."
Last month, the company announced that Ramesh Subrahmanian has been made group president of its international operations, succeeding Andrew Fox-Smith.
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Story collated for Zenopa by the Axonn News Agency