Stryker
(NYSE: SYK)
today announced it entered a definitive agreement to acquire all of the issued and outstanding shares of Artelon.
Artelon specializes in soft tissue fixation for foot and ankle and sports medicine procedures. The acquisition is slated to strengthen Stryker’s offerings in the soft tissue fixation segment for ligament and tendon reconstruction.
Artelon designed its technology to enhance biological and mechanical ligament and tendon reconstruction. It has been used in over 60,000 implantations worldwide, according to the company.
“Artelon’s proven product portfolio and differentiated offerings will enhance our ability to innovate and serve our customers,” Tim Lanier, president of Stryker’s Trauma and Extremities division, said in a news release. “The addition of Artelon’s products to our already robust foot and ankle and sports medicine product portfolios will fuel our goal of establishing comprehensive offerings for customers in these segments. We share a common dedication to integrity, quality, and advancing the knowledge of healthcare providers to achieve the best clinical outcomes and rebuild patients’ lives.”
The financial details of the deal were not disclosed. The transaction is subject to customary closing conditions. Stryker and Artelon will continue operating as separate entities and proceed with business as usual until the transaction closes.
More about Artelon’s technology
The FlexBand Twist, FlexBand Solo, FlexBand Multi, and FlexBand Fix systems give orthopedic surgeons complete sets of tools and implants in a single-use, sterile blister. Each system targets specific indications.
Twist is the company’s first soft tissue fixation system. It has a twist-in anchor locking and a Mod cube for intraoperative adaptability. Artelon designed Twist as a non-inflammatory matrix that can be quickly integrated with regenerating connective tissue. The quick integration allows the FlexBand technology to share in tensile loading, protecting the healing construct and driving the mechanical stimulation required for tissue regeneration and remodeling. According to the company, the FlexBand matrix is replaced by “highly organized” type-1 collagen over 4-6 years.
Artelon’s Solo is a procedure kit with tap-in fixation for single ligament augmentation. The company designed the kit to reinforce a connective tissue repair or reconstruction. It helps simplify the tensioning step by offering the ability to auto-tension reinforce, the company says.
Multi is a comprehensive procedure kit with tap-in fixation for multiple ligament augmentation. It helps re-tension, reinforce and biologically restore multiple ligament structures with one system. It offers 24 cm of FlexBand technology for more complex reconstructions.
Fix is a scaled-down procedure kit with tap-in fixation for single ligament augmentation. It contains a 0.5 cm by 8 cm FlexBand and two anchors. According to Artelon, the smaller profile allows for a more streamlined system with “right-sized” instrumentation for augmenting soft tissues in the extremities.
In May 2023, Artelon raised $20 million in a Series B funding round for its joint instability treatment. The company planned to use the proceeds to fund commercial growth and clinical research while developing its proprietary Dynamic Matrix technology for musculoskeletal soft tissue reconstruction.
