Stryker buying Israeli medical device firm for $135 million
Stryker Corp. in Kalamazoo announced today a definitive agreement to acquire privately held Surpass Medical Ltd. for $135 million.
Surpass was founded in 2005 and is headquartered in Tel Aviv, Israel, with manufacturing and research and development facilities in Miramar, Fla. According to Stryker, Surpass is developing and commercializing next-generation flow diversion stent technology to treat brain aneurysms. Surpass’ key product, the NeuroEndoGraft family of flow diverters, is designed to redirect blood flow away from an aneurysm, allowing a stable clot to be formed within the aneurysm pouch.
The NeuroEndoGraft is CE Marked, meaning it has met European Union health, safety and environmental requirements. The product has had a limited launch underway outside the U.S., and the company will begin enrolling patients in an FDA authorized IDE clinical trial in the U.S. in the current quarter.
“The acquisition of Surpass Medical further builds on Stryker’s global platform in the fast growing and highly innovative neurovascular market and helps broaden our offering in complete stroke care,” said Kevin A. Lobo, president and CEO of Stryker.
Upon closing of the deal, the acquisition is expected to be neutral to Stryker’s 2012 earnings per share, excluding acquisition and integration-related charges. The transaction is expected to close in the fourth quarter of 2012.
Stryker, one of the world’s major medical technology companies, manufactures and sells reconstructive implants, medical and surgical equipment and neurotechnology and spine products.
It is a publicly held company traded on the NYSE as SYK.