Stryker
(NYSE: SYK)
announced today that it completed the sale of its U.S. spinal implants business to Viscogliosi Brothers.
The sale brings the business to newly formed VB Spine in a move announced by Stryker in January. Portage, Michigan–based Stryker said at the time that it also plans to sell its spine implants businesses in other international markets.
Financial terms were not disclosed. Stryker said in January that the deal “will enhance the focus of both Stryker and VB Spine to meet the needs of customers and their patients and is expected to achieve faster growth and deliver greater value for all stakeholders.”
The deal gives VB Spine exclusive access to Stryker’s Mako Spine and Copilot robotic technologies for use with its implants. Stryker expects certain markets to transfer to VB Spine at later dates, subject to the completion of all legal and regulatory requirements.
“The sale of our spinal implants business enhances our strategic focus, positioning us to meet evolving customer needs and invest where we see the greatest opportunity for innovation and long-term growth,” said Kevin Lobo, chair and CEO. “We remain committed to the spine space through our Interventional Spine, Neurotechnology and Enabling Technologies businesses, as well as our strategic partnership with VB Spine. We’re grateful to our Spine team members for their contributions and confident they’re well positioned for continued success.”
