Mako, which has already paid out $2.5 million in cash to Pipeline, said it issued nearly 4 million shares of MAKO stock to seal the deal.
Pipeline has made implants for Mako’s Rio surgical robot system since 2010, including its Restoris PST cup and the tapered stem hip implant used in the Makoplasty total hip arthroplasty procedure, Mako said. The deal was expected to close by Oct. 4, Mako said when it announced the buyout.
Stryker agreed last month to pay $30 per share for Mako in a deal worth some $1.7 billion. The provision for that deal included the issuance of another roughly 4 million Mako shares, presumably to consummate the Pipeline deal.
Mako, founded in 2004, pushed robotic surgery into the orthopedics space with its Rio device and technologies for knee and hip replacement surgery. The $30-per-share price Kalamazoo, Mich.-based Stryker agreed to represents an 85.5% premium over Mako’s $16.17 closing price the day before the deal was announced.