KALAMAZOO -- Medical device maker Stryker Corp. reported it has reached an agreement to buy privately held Surpass Medical Ltd. for $100 million in cash and up to $35 million in milestone payments.
Stryker said the acquisition of Tel Aviv-based Surpass, which is developing flow diversion stent technology to treat brain aneurysms, would allow it to expand in the fast-growing neurovascular market and broaden its stroke-care offerings. The company said the transaction is expected to be neutral to Stryker's 2012 earnings per share, excluding acquisition and integration-related costs. The deal is expected to close during the fourth quarter.
Closely held Surpass, which has R&D and manufacturing operations in Miramar, Fla., is in the process of developing and commercializing its flagship NeuroEndoGraft system. The product is approved for use in the European Union and has a limited launch outside the U.S.
Shares of Stryker stock were up $1.16, or 2.22 percent, today to close at $53.46.