Stryker Announces Definitive Agreement to Acquire Privately-Held Surpass Medical, Ltd. for $135 Million
Kalamazoo, Michigan - October 16, 2012 - Stryker Corporation (NYSE:SYK) announced today a definitive agreement to acquire privately-held Surpass Medical, Ltd. (Surpass) in an all cash transaction for $100 million and up to an additional $35 million of milestone payments. Founded in 2005 and headquartered in Tel Aviv, Israel with manufacturing and R&D in Miramar, Florida, Surpass is developing and commercializing next-generation flow diversion stent technology to treat brain aneurysms using a unique mesh design and delivery system. 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 with a limited launch underway outside the U.S. In addition, the company will begin enrolling patients in an IDE clinical trial in the fourth quarter of 2012.
"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 Chief Executive Officer. "We remain committed to furthering care in the interventional neurovascular space by offering patients and caregivers differentiated products that improve outcomes and help save lives."
The closing of the transaction is subject to customary closing conditions. Upon closing, the transaction 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 is one of the world's leading medical technology companies and is dedicated to helping healthcare professionals perform their jobs more efficiently while enhancing patient care. The Company offers a diverse array of innovative medical technologies including reconstructive implants, medical and surgical equipment, and neurotechnology and spine products to help people lead more active and more satisfying lives. For more information about Stryker, please visit www.stryker.com.
For media inquiries please contact:
Tamara Cutler, Stryker Corporation, 269-389-7253 or firstname.lastname@example.org
For investor inquiries please contact:
Katherine A. Owen, Stryker Corporation, 269-385-2600 or email@example.com
This press release contains information that includes or is based on forward-looking statements that are subject to various risks and uncertainties that could cause the Company's actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for the Company's products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for the Company's products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; unfavorable resolution of tax audits; changes in financial markets; changes in the competitive environment; and the Company's ability to consummate and integrate acquisitions, including the acquisition of Surpass Medical, Ltd. Additional information concerning these and other factors are contained in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Stryker Corporation via Thomson Reuters ONE