Stryker acquires medical device company for $220M
A manufacturer of medical devices and equipment in the region has acquired a company that will join its neuro-technology division.
Kalamazoo-based Stryker said yesterday it purchased Durham, North Carolina-based HyperBranch Medical Technology for an equity value of about $220 million in an all-cash transaction.
“The acquisition of HyperBranch supports our growth strategy within our neuro-technology business,” said Spencer Stiles, group president of neuro-technology, instruments and spine, Stryker.
HyperBranch develops medical devices based on its proprietary polymers and cross-linked hydrogels. Its Adherus AutoSpray Dural Sealant product is one of two FDA-approved dural sealants on the market.
The dura is the outermost, toughest and most fibrous of the three membranes that cover the brain and spinal cord.
As a hydrogel indicated for use as an adjunct to standard methods of dural repair to aid in creating a watertight closure of the dura, the Adherus product complements Stryker’s craniomaxillofacial business, according to Stryker.
The acquisition is expected to have an immaterial impact on Stryker’s net earnings in 2018.
The Chicago-based law firm Sidley Austin served as outside legal counsel for Stryker in connection with the transaction.
Stryker offers a diverse array of medical products and services in the orthopedics, surgical, neuro-technology and spinal markets that “help improve patient and hospital outcomes.”
Its products are used in more than 100 countries around the world.
The company reported 2017 revenue of about $12.4 billion.