Medical device manufacturer Stryker Corporation (NYSE: SYK) announced today that it has reached a definitive agreement to acquire Tel Aviv based Surpass Medical Ltd.. The US company will pay $100 million in cash and up to an additional $35 million in milestone payments.
Founded in 2005 and headquartered in Tel Aviv, Surpass is developing and commercializing flow diversion stent technology to treat brain aneurysms using a unique mesh design and delivery system. Surpass's key product, the NeuroEndoGraft family of flow diverters, is designed to redirect blood flow away from an aneurysm, allowing a stable clot to be formed within the aneurysm pouch. The NeuroEndoGraft is has the EU CE mark with a limited launch underway outside the US. The company will also begin enrolling patients in an IDE clinical trial in the fourth quarter of 2012. Surpass also has manufacturing and R&D facilities in Miramar, Florida.
Stryker CEO Kevin A. Lobo said, "The acquisition of Surpass Medical further builds on Stryker's global platform in the fast growing and highly innovative neurovascular market and helps broaden our offering in Complete Stroke Care."
Stryker added that the transaction is expected to close in the fourth quarter of 2012.
This is the second Israeli company acquired by Striker. In 2006, Stryker acquired gastroenterology device developer Sightline for $150 million, renaming it Sightline Israel. Stryker closed the Israeli company down in 2008 and fired all 71 employees.
Published by Globes [online], Israel business news - www.globes-online.com - on October 16, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012