Stryker (NYSE:SYK) said it agreed to acquire Pivot Medical and its hip arthroplasty system for an undisclosed amount.
Sunnyvale, Calif.-based Pivot specializes in devices to treat femoroacetabular impingement syndrome, a condition mostly affecting the young or middle-aged in which the head of the femur chafes in the hip socket or loses full range of motion. It can lead to cartilage damage and premature osteoporosis.
Stryker said the all-cash deal brings a portfolio of instruments and devices to treat the fastest-growing procedure in sports medicine.
"Pivot’s innovative products will complement Stryker’s existing sports medicine portfolio and provide Stryker’s customers with a comprehensive offering to address the challenges of Sports Medicine procedures," the Kalamazoo, Mich.-based company said in a press release
"The addition of Pivot Medical furthers our commitment to develop Stryker’s Sports Medicine business and provides our customers with additional enabling products and solutions," added medsurg & neurotechnology president Timothy Scannell. "This acquisition will allow us to combine Pivot’s innovative platforms in hip arthroscopy with Stryker’s knee and shoulder Sports Medicine solutions, and full line of arthroscopy visualization and tissue resection devices."
Stryker said the deal, expected to close during the 1st quarter, is expected to be neutral to its adjusted earnings per share this year.
The medical device maker has been on a merger and acquisition spree since it dropped $1.7 billion on Mako Surgical in December of last year. Since then, Stryker has announced the $120 million buyout of Patient Safety Technologies and a $172 deal for German surgical equipment maker Berchtold Holdings.
