Stryker (NYSE:SYK) said today that it put $220 million on the table for OrthoSpace and its InSpace rotator cuff repair device.
Stryker said it paid $110 million in up-front cash and agreed to another $110 million in potential milestones for the Caesarea, Israel-based company.
“The acquisition of OrthoSpace is highly complementary to our existing portfolio and aligns with Stryker’s focus on investing in sports medicine,” medsurg president Andy Pierce said in prepared remarks. “We are excited about the momentum OrthoSpace has in key global markets and the additional surgical option this technology provides our customers to address a complex pathology.”
Kalamazoo, Mich.-based Stryker said the deal isn’t expected to affect its earnings this year.
Johnson & Johnson (NYSE:JNJ) and Smith & Nephew (NYSE:SNN) are both investors in OrthoSpace.
