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Stryker nabs Israeli stent maker for $135M

Tue, 10/16/2012 - 12:06pm
Mass Device

Orthopedic devices giant Stryker Corp. will pay $100 million in cash and $35 million in milestone payments for Israeli stent maker Surpass Medical.

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Stryker (NYSE:SYK) announced today that it signed a definitive agreement to pay up to $135 million to acquire privately held Surpass Medical.

The deal, Stryker's 1st since the departure of former CEO Stephen MacMillan, includes $100 million in cash and up to $35 million in milestone payments, the companies said.

Stryker expects the acquisition will be "neutral to Stryker's 2012 earnings per share excluding acquisition and integration-related charges," and that it will bolster the company's neurovascular portfolio, according to a press release.

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