• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
  • Technologies
    • Artificial Intelligence (AI)
    • Cardiovascular
    • Orthopedics
    • Neurological
    • Diabetes
    • Surgical Robotics
  • Business & Finance
    • Wall Street Beat
    • Earnings Reports
    • Funding Roundup
    • Mergers & Acquisitions
    • Initial Public Offering (IPO)
    • Legal News
    • Personnel Moves
    • Medtech 100 Stock Index
  • Regulatory & Compliance
    • Food & Drug Administration (FDA)
    • Recalls
    • 510(k)
    • Pre-Market Approval (PMA)
    • MDSAP
    • Clinical Trials
  • Special Content
    • Special Reports
    • In-Depth Coverage
    • DeviceTalks
  • Podcasts
    • MassDevice Fast Five
    • DeviceTalks Weekly
    • OEM Talks
      • AbbottTalks
      • Boston ScientificTalks
      • DeviceTalks AI
      • IntuitiveTalks
      • MedtechWOMEN Talks
      • MedtronicTalks
      • Neuro Innovation Talks
      • Ortho Innovation Talks
      • Structural Heart Talks
      • StrykerTalks
  • Resources
    • About MassDevice
    • DeviceTalks
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech100 Index
    • Videos
    • Webinars
    • Whitepapers
    • Voices
Home » Stryker snaps up Orthovita for $316 million

Stryker snaps up Orthovita for $316 million

May 16, 2011 By MassDevice staff

Stryker

Stryker Corp. (NYSE: SYK ) made an offer to buy Orthovita Inc. (NSDQ: VITA), a Malvern, Pa.-based orthopedic biologics maker, in an all-cash deal worth $316 million.

The deal, in which Stryker will pay $3.85 per share for the company, represents a 41 percent premium on VITA’s closing price of $2.73 per share May 13. The all-cash deal is expected to close during the second quarter.

Stryker called the acquisition “highly complementary to Stryker’s existing orthobiologics offering” in a statement emailed to MassDevice.com.

Orthovita makes a suite of products for the fusion, regeneration and fracture fixation of human bone, including Vitoss, a bone graft substitute, and Cortoss, a bone augmentation material.

The company reported a $1.16 million loss on $23.7 million in sales during the three months ended March 31, compared with $1.18 million in losses on $24 million in sales during the same period last year. Orthovita had just over $59.7 million in assets at the end of the quarter, including $8.3 million in cash and equivalents.

Orthovita’s product line could potentially fill the hole left at Stryker by its offloaded its troubled OP-1 bone growth implants family to Japan-based Olympus Corp. for $60 million in December 2010.

The deal marked a a step towards Stryker freeing itself of the legal woes related to allegations it promoted the off-label combination of two of its bone growth products.

Federal investigators in Oct. 2009 indicted the company and four managers charging that they led a two-year campaign to promote the combined use of separate bone-healing products, each granted a narrow, provisional “humanitarian device exemption” by the FDA. Combining the treatments and devices — the OP-1 Implant, OP-1 Putty and the bone void filler Calstrux — caused adverse effects in patients ranging from minor irritations to infections requiring follow-up surgeries. The indictment also charged that Stryker and  former Stryker Biotech president Mark Philip lied to the FDA about the number of patients treated each year with OP-1 Putty.

The legal proceedings are still ongoing and in November federal prosecutors blasted Stryker Biotech, its former president and three sales reps for seeking the dismissal of the bulk of the 16 criminal charges pending against them in a federal case alleging the illegal promotion of the bone putties.

Filed Under: News Well, Orthopedics Tagged With: Orthobiologics, Orthovita Inc., Stryker

More recent news

  • Data backs DermaSensor skin cancer detection device
  • GE HealthCare expands digital imaging portfolio with enhanced MIM Encore software
  • Accelus wins FDA clearance for MRI compatibility of FlareHawk spinal implants
  • Presidio wins FDA IDE for ultra-low frequency neuromod, hires new CFO
  • Epiminder study backs implantable EEG tech

Primary Sidebar

“md
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest med device regulatory, business and technology news.

DeviceTalks Weekly

See More >

MEDTECH 100 Stock INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World
Medical Design Sourcing

DeviceTalks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our DeviceTalks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy