Stryker Corp. (NYSE:SYK) agreed to pay $150 million in up-front cash for Memometal Technologies SA, plus another $12 million in milestone payments.
Bruz, France-based Memometal makes implants for the extremities using shape memory alloys. The $162 million value of the deal is a 5.4x multiple of the $30 million the company posted to its top line last year.
"The acquisition of Memometal provides Stryker with the platform to further establish our company as a key player in the rapidly growing foot and hand segment of the extremities market and creates a strong presence in the podiatric surgery market," Stryker chairman, president and CEO Stephen MacMillan said in prepared remarks.
Here’s a roundup of companies announcing mergers, acquisitions and divestitures.
AstraZeneca loses two bidders
Straumann Holding AG (SWF:STMN) and Nobel Biocare Holding AG (VTX:NOBN) are out of the race for AstraZeneca plc’s (NYSE:AZN) dental devices unit, which went to auction starting at $2.13 billion in April, Reuters reported.
The auction garnered widespread attention, with organizations bidding on either Astra Tech’s dental implant business, the medical devices arm, or the business as a whole.
Second round bids are due June 6, according to the wire service.
- Roper mergers with Northern Digital
Roper Industries (NYSE:ROP)
announced that it completed its acquisition of Northern Digital Inc., a Canadian company which develops and manufactures technologies for image-guided applications. The all cash transaction was valued at $200 million. The two signed a definitive agreement in May.
- Merge to acquire Ophthalmic Imaging
Merge Healthcare Inc. (NASDAQ:MRGE) announced a definitive agreement to acquire Ophthalmic Imaging Systems (OTCBB:OISI). Under the
terms of the agreement, OIS shareholders will receive 0.1693 share of Merge common stock for each share of OIS common stock, calculated to equal $1 per OIS share using the five-day volume-weighted average price of Merge stock as of close of trading June 3. The total value comes to about $40 million, before costs related to debt, options and warrants.
- Unisyn sells Acoustic Power Testing Labs
Unisyn Medical Technologies Inc. sold certain assets from its acoustic power testing laboratories to Acertara Acoustic Laboratories. Majority ownership will be held by G. Wayne Moore, who will transition from his role as President of Unisyn’s Advanced Development Group to lead Acertara as President & CEO. Minority ownership will be held by Medical Imaging Holdings Inc., Unisyn’s parent company.