Michigan orthopedics titan Stryker (NYSE:SYK) put a ribbon on its previously announced acquisition of Pivot Medical, closing the books on a deal that was pretty closed to begin with.
Stryker didn’t reveal many details of the merger, saying only that the deal would be neutral to the company’s adjusted per-share earnings for 2014. The all-cash deal brings Stryker a portfolio of instruments and devices to treat the fastest-growing procedure in sports medicine: femoroacetabular impingement syndrome.
Sunnyvale, Calif.-based Pivot specializes in devices to treat FIS, a condition mostly affecting the young or middle-aged in which the head of the femur chafes in the hip socket or loses full range of motion. It can lead to cartilage damage and premature osteoporosis.
SYK shares were down 0.3% today, trading at $81.40 as of about 12:50 p.m. The stock has gained 8.3% since the start of this year.
The acquisition is the latest in a Stryker buying-spree, beginning with December 2013’s $1.7 billion nab of Mako Surgical. Since then, Stryker has announced the $120 million buyout of Patient Safety Technologies and a $172 deal for German surgical equipment maker Berchtold Holdings.
Stryker just this week settled a lawsuit over the impending deal with Patient Safety Technologies, agreeing to make additional disclosures to appease shareholders.