Stryker Corp. said today that it is acquiring OrthoSpace Ltd. and its InSpace rotator cuff repair device for $220 million.
Kalamazoo, Mich.-based Stryker said it paid $110 million in cash upfront and agreed to another $110 million in potential milestones for Caesarea, Israel-based OrthoSpace.
“The acquisition of OrthoSpace is highly complementary to our existing portfolio and aligns with Stryker’s focus on investing in sports medicine,” stated Stryker MedSurg Group President Andy Pierce. “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.”
Johnson & Johnson and Smith & Nephew are both investors in OrthoSpace. The global market for surgical robots will experience a compound annual growth rate of 20.03% between 2015 and 2024, predicts Grand View Research.
Stryker said it doesn’t expect the deal to affect its earnings this year. Stryker also owns MAKO Surgical and acquired K2M in November 2018 for $1.4 billion.
Keynotes | Speakers | Exhibitors | Register
Tell Us What You Think!