Stryker (NYSE:SYK) said today that it acquired HyperBranch Medical Technology and its Adherus AutoSpray dural sealant for $220 million.
Durham, N.C.-based HyperBranch won pre-market approval from the FDA for the Adherus Autospray sealant in March 2015 and is one of two such sealants allowed on the U.S. market.
The other, DuraSeal, won an FDA nod for Covidien in 2011; Covidien dealt DuraSeal and its Confluent Surgical line to Integra LifeSciences (NSDQ:IART) in January 2014 for $235 million in up-front cash and another $30 million in milestones. Integra/Confluent lodged at least two patent infringement suits against HyperBranch, according to federal court records, including one suit filed in 2015 and another last year.
“The acquisition of HyperBranch supports our growth strategy within our neurotechnology business,” neurotechnology, instruments & spine president Spencer Stiles said in prepared remarks. “The addition of Adherus to our cranial closure portfolio strengthens our position of excellence in the dural repair space and aligns with Stryker’s mission of making healthcare better.”
Stryker said it doesn’t expect the deal to affect its net earnings this year.
Sidley Austin was outside counsel for Stryker in the acquisition.
