Stryker to acquire Instratek assets (MassDevice)
Stryker (NYSE:SYK) said that it agreed to acquire Instratek for an undisclosed amount at the end of the 4th quarter.
The medtech giant will take on the Houston-based company’s portfolio of staple and hammertoe implants, as well as its minimally invasive soft tissue recession instrumentation.
“This acquisition supports our commitment to growth in extremities with products that complement our existing portfolio, strengthen our leadership in the forefoot segment and provide immediate access into minimally invasive soft tissue recession procedures,” Stryker Orthopaedics president David Floyd said in prepared remarks.
The Kalamazoo, Mich.-based company went on a buying spree this year, spending a total of more than $4.5 billion on acquisitions, not including several deals that went for undisclosed amounts. Stryker acquired 4 companies, including Stanmore Implants and Sage Products. They also bought CareFusion’s vertebral compression fracture portfolio, SafeWire’s spine device line, and Synergetics neurostimulation assets.
The Instratek acquisition comes just days after an appeals court overturned enhanced damages awarded to Stryker in its patent infringement suit against Zimmer Biomet (NYSE:ZBH). The court upheld the willful infringement ruling against Zimmer, but sent it back to a Michigan federal judge to reconsider the enhanced damages and attorney fee awards.
Stryker’s stock was trading at $110.38 apiece during mid-morning activity, down 0.13%.