The deal, Stryker’s 1st since the departure of former CEO Stephen MacMillan, includes $100 million in cash and up to $35 million in milestone payments, the companies said.
Stryker expects the acquisition will be "neutral to Stryker’s 2012 earnings per share excluding acquisition and integration-related charges," and that it will bolster the company’s neurovascular portfolio, according to a press release.
Surpass is in the midst of development and commercialization efforts for its flagship NeuroEndoGraft system, which has CE Mark approval for the European Union and has a limited launch outside the U.S.
The NeuroEndoGraft devices are designed to redirect blood flow away from an aneurysm to allow a clot to form. The companies plan to begin enrollment in an investigational device exemption clinical trial in the 4th quarter of 2012, according to a press release.
The move marks Stryker’s 1st deal since former CEO MacMillan left the company amid controversy in February 2012. The device maker, which recently named Kevin Lobo its new chief, hadn’t announced any deals under interim CEO and CFO Curt Hartman.
SYK shares had gained 1.5% by about noon today, trading at $53.07.