Stryker to pay $135M for Concentric Medical

September 1, 2011 by MassDevice staff

Stryker Corp. expands its footprint in the neurovascular space with a $135 million all-cash deal for Concentric Medical Inc. and its stroke treatment devices.

Concentric Medical

Stryker Corp. (NYSE:SYK) agreed acquire Concentric Medical Inc. for $135 million in cash in a deal expected to close by the end of the year.

Mountain View, Calif.-based Concentric makes minimally invasive devices designed to remove the blood clots that cause ischemic stroke. If consummated, the deal will add to Stryker's footprint in the neurovascular business, which is already sizable due to its $1.45 billion buyout of Boston Scientific's (NYSE:BSX) neurovascular unit.

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Concentric launched a trial of its Trevo Retriever in February, touting the device as the first to use its Stentriever technology, "a novel method for retrieving clot from the neurovasculature." Its Merci stroke treatment won reimbursement coverage in Japan in October 2010.

"We believe Stryker is the ideal strategic partner for Concentric and combining Concentric with Stryker's Neurovascular division will provide opportunities to accelerate the development of technology and clinical evidence and will allow the commercial expansion of Concentric's ischemic stroke therapy globally. Our team is excited to be joining the Stryker organization," president and CEO Maria Sainz said in prepared remarks.