Stryker (NYSE:SYK) today bolstered its early play in robotics with a $500 million all-cash bid for Mobius Imaging and its Cardan Robotics subsidiary.
The Kalamazoo, Mich.-based company was the first orthopedics major to bet large on robotics with the $1.68 billion acquisition of Mako Surgical in December 2013. Today Stryker said it agreed to pay $370 million up front, with another $130 million on the line in milestones, for Shirley, Mass.-based Mobius and sister company GYS Tech, which operates under the Cardan Robotics brand.
Mobius developed the Airo TruCT scanner, which won 510(k) clearance from the FDA in April 2018. The company raised $25 million last year. Founded in 2015, Cardan is developing robotics and navigation technologies for spinal procedures.
“This acquisition brings expertise in advanced imaging and robotics as well as a robust product pipeline that add to Stryker’s portfolio and will allow the spine division to provide more complete procedural solutions, including sales, service and support,” orthopedics & spine president Spencer Stiles said in prepared remarks. “We look forward to working together to advance Stryker’s mission to make healthcare better and accelerate our pursuit of category leadership in neurotechnology, orthopedics and spine.”
Stryker said the deal, slated to close during the fourth quarter, is not expected to affect net earnings this year.
