Stryker (NYSE:SYK) said yesterday it completed a simplified public tender offer for French spinal implant maker Vexim, giving the company a 92.2% stake of its share capital and 91.6% of its voting rights.
The tender offer, opened Nov. 16 to Dec. 6, followed plans the company released in October to acquire the company in a deal worth $216 million.
Stryker said it is “satisfied with this result” and thanked shareholders and BSAAR warrant holders who tendered securities through the offer.
“Stryker is excited about the strength of Vexim differentiated product portfolio, management team, and European presence with Stryker’s fast growing neurotechnology and spine businesses,” the company wrote in a press release.
Vexim, located near Toulouse, France, was founded in February 2006 and has focused on the development of minimally invasive solutions for treating traumatic spinal pathologies, including its SpineJack implant designed to repair fractured vertebra and restore balance to the spinal column.
Vexim’s clinical trial of its SpineJack device, compared with balloon kyphoplasty, is on track for a bid for 510(k) clearance in the U.S. next year, CEO Vincent Gardès said earlier this year.