KALAMAZOO — Stryker Corp. today completed the acquisition of OrthoSpace Ltd., an Israel-based company that developed a treatment for massive, irreparable rotator cuff tears.
Stryker (NYSE: SYK) paid $110 million upfront for OrthoSpace and agreed to future milestone payments up to another $110 million.
“The acquisition of OrthoSpace is highly complementary to our existing portfolio and aligns with Stryker’s focus on investing in sports medicine,” said Andy Pierce, group president for Stryker’s MedSurg division. “We are excited about the momentum OrthoSpace has in key global markets and the additional surgical option this technology provides our customers to address a complex pathology.”
OrthoSpace’s InSpace product realigns the natural biomechanics of the shoulder. The technology has been used to treat 20,000 patients in 30 countries and remains under clinical study in the U.S.