Stryker
(NYSE: SYK)
announced today that it executed a binding offer to acquire SERF SAS, a France-based joint replacement company.
The Kalamazoo, Michigan-based orthopedic giant executed the offer with Menix, a leader in the dual mobility and first intention stem markets in France.
SERF SAS develops, manufactures and sells a range of large joint replacement products on an international basis. Since its founding, which dates back more than 50 years, the company developed a number of “innovative concepts,” Stryker says. This includes inventing the original Dual Mobility Cup for hip replacement, according to a news release. SERF SAS has its main office in Décines-Charpieu, France.
Stryker said SERF SAS has global recognition from healthcare professionals as an innovator in the hip implant space. The company believes the acquisition complements its existing presence in France and in Europe as well. It also believes SERF SAS bolsters its global joint replacement portfolio, allowing it to serve a wider range of patients.
Under French law, Stryker must execute the binding agreement after completing the works council information-consultation process. The company expects to close the acquisition during the first quarter of 2024. It remains subject to customary closing conditions, including regulatory approvals.
Earlier this year, Stryker CEO Kevin Lobo explained the company’s approach to mergers and acquisitions. Speaking at AdvaMed’s The MedTech Conference, Lobo said Stryker likes looking at acquisitions as “external R&D.” He lauds the company’s newer technologies created outside of Stryker, even while others questioned it.
