Stryker completes Concentric Medical takeover
4 October 2011 00:00 in Medical Company Restructures
Stryker has announced the completion of its takeover of Concentric Medical, a leading developer of therapies for acute ischemic stroke.
Originally announced at the end of August 2011, the deal has seen Stryker pay $135 million (87.73 million pounds) to take control of Concentric, which is based in California and has been operating since 1999.
The newly-acquired firm is known for its offering of minimally invasive devices for the removal of thrombus in patients affected by stroke, such as the Trevo Retriever clot removal system, which is currently undergoing clinical trials.
Stryker expects the acquisition to expand its presence in the European, US and Japanese acute ischemic stroke markets, while giving it access to a workforce with proven expertise in this area.
The deal has also been forecast as having a neutral effect in the firm's earnings per share figure for 2011.
Stephen MacMillan, chairman, president and chief executive officer of Stryker, said: "We are further broadening our commitment to advancing care within the interventional neurovascular space by bringing innovative treatment options to the large and underserved ischemic stroke population."
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Story collated for Zenopa by the Axonn News Agency