Stryker (NYSE:SYK) said today that paid $52 million (£35.6 million) in cash for SIW Holdings subsidiary Stanmore Implants, which makes medical devices for limb salvage in patients with orthopedic cancers.
“The acquisition of Stanmore Implants provides Stryker with differentiated technologies designed to provide the most effective solutions for orthopedic oncology surgeons. This addition underscores Stryker’s commitment to our core joint replacement business and expands our presence in the global orthopedic oncology market,” Stryker Orthopaedics president David Floyd said in prepared remarks.
“The combination of Stryker’s commitment to orthopedic oncology and Stanmore’s novel orthopedic oncology solutions provides a unique opportunity to impact a broader group of patients globally,” added Stanmore Implants CEO Michael Mainelli.
Elstree, U.K.-based Stanmore drew a U.S. import ban from the FDA last year due to problems flagged in a warning letter from the federal safety watchdog.