Stryker to buy Patient Safety Technologies for $120 million

Tue Dec 31, 2013 9:23am EST

(Reuters) - Stryker Corp (SYK.N) said it would buy Patient Safety Technologies Inc PSTX.PK for $120 million to gain access to Patient Safety's device to reduce the risk of surgical sponges being left in patients after surgery.

The medical technology company will pay $2.22 per share for Patient Safety, which represents a 50 percent premium to the stock's closing price on Monday.

(Reporting by Vrinda Manocha in Bangalore; Editing by Kirti Pandey)