Published in Breaking News

Stryker to acquire neuro portfolio from Synergetics

BY MiBiz Staff Wednesday, February 10, 2016 10:28am

KALAMAZOO — Medical device maker Stryker Corp. of Kalamazoo says it has signed a definitive agreement to acquire the assets of the neuro portfolio from O’Fallon, Mo.-based Synergetics USA Inc.

Terms of the all-cash deal, Stryker’s second for its medical surgical unit in the last 10 days, were not disclosed.

According to a statement, the portfolio included two Stryker products as well as the Malis generator and Spetzler Malis disposable forceps. The portfolio generated $31 million in sales to OEMs in 2015. Synergetics supplied Sonopet ultrasonic aspirator tips to Stryker since 2010 and the RF generator since 2004. 

Stryker expects to close on the transaction in the first quarter of this year.

The deal, which is subject to antitrust review and other closing conditions, is expected to be neutral to Stryker’s 2016 earnings per share.

Stryker was advised on the transaction by Boston-based law firm Ropes & Gray LLP.

On Feb. 1, Stryker said that it had signed a definitive agreement to buy Sage Products LLC, a maker of disposable products for hospital intensive care, medical and surgical units, for $2.77 billion in cash from Madison Dearborn Partners, a Chicago-based private equity firm.

Editor’s note: This story has been updated from its previous version to characterize the supplier relationship Stryker had with Synergetics and to add information on the deal advisers. 

Read 2223 times Last modified on Thursday, 18 February 2016 09:55