Hot on the trail of new M&A deals, Stryker finalized its acquisition of Patient Safety Technologies. The Kalamazoo, MI-based company paid $120 million for the medical device outfit, gaining access to Patient Safety's line of trackable surgical tools.
In 2013, a number of outside forces hammered the med tech industry. While things could have been better, most of the top 10 companies in the sector still enjoyed moderate year-over-year revenue gains.
Stryker, facing over 1,000 lawsuits alleging it sold faulty metal hip implants that hurt patients, has chosen to settle more cases rather than fight them in court.
In 2010, Olympus bought Stryker's troubled OP-1 putty for $60 million, hoping to expand its market. Now, the Japanese maker of medical devices and cameras says it's selling the Lebanon, NH, plant where the putty is made at a bargain price--and if it can't make a deal it will close the facility.
Forget organic growth. In 2013, some of the biggest moves into new or expanded markets in the med tech world came through serious M&A activity. The top deals announced or closed in 2013 created...
With Smith & Nephew shoring up its sports medicine device offerings in a major acquisition, Stryker is now trying to do the same with its second acquisition in a week.
More M&A is key to Stryker's strategy to build higher 2014 sales through investments in innovation and globalization, and the Michigan device company now says it will snatch up a German surgical equipment maker for $172 million.
Stryker closed out 2013 with a healthy rise in net sales and earnings in the fourth quarter. Organic growth and acquisitions in China and elsewhere drove those gains, but acquisition costs and recall-related charges prevented those results from reaching higher levels for the year as a whole
Stryker announced that it will partner with Samsung unit NeuroLogica to sell a full-body portable computed tomography (CT) scanner. The two companies will market the device for use by surgeons in the fields of neurology, orthopedics and trauma.
Stryker is planning to trade $120 million for Patient Safety Technologies and its trackable surgical instruments, joining the ranks of medical device outfits looking to expand their hospital service offerings in a growing market.