The U.S. Court of Appeals for the Federal Circuit this week affirmed Stryker‘s (NYSE:SYK) enhanced $248 million win in a surgical tool patent case against Zimmer Biomet (NYSE:ZBH). The Federal Circuit court affirmed the judgement in a per curiam ruling dated on Monday, according to recently released court documents. The damages in the case were previously […]
Stryker closes $1.4B K2M buy
Stryker (NYSE:SYK) said today that it closed its $1.4 billion acquisition of K2M (NSDQ:KTWO). Kalamazoo, Mich.-based Stryker paid $27.50 per share for each outstanding share of K2M, representing a 27% premium over K2M’s average closing price during the 90 days of trading ended August 29. With the acquisition, Leesburg, Va.-based K2M will become a wholly owned subsidiary […]
FTC clears Stryker, K2M tie-up early
K2M (NSDQ:KTWO) said today that the U.S. FTC granted early termination to the Hart-Scott-Rodino Antitrust Improvement Act of 1976 waiting period for its pending $1.4 merger with Stryker (NYSE:SYK). The termination of the HSR Act clears yet another hurdle to the union between the two companies, which will position K2M as a wholly owned subsidiary of Kalamazoo, […]
K2M shareholders approve Stryker merger
K2M (NSDQ:KTWO) said today that its shareholders approved its $1.4 billion merger with Stryker (NYSE:SYK) during a special meeting of stockholders. The deal calls for Kalamazoo, Mich.-based Stryker to pay $27.50 per share for each outstanding share of K2M, for a 27% premium over K2M’s average closing price during the 90 days of trading ended August 29. K2M […]
Stryker, plaintiffs to settle hip implant cases
A Massachusetts federal judge last week stayed the multi-district litigation brought over hip implants made by Stryker (NYSE:SYK) so that the company and lawyers representing thousands of plaintiffs can hash out a settlement. Judge Indira Talwani of the U.S. District Court for Massachusetts, who is overseeing one of the MDLs, stayed discovery through July 31, 2019, “so […]
Stryker posts mixed bag Q3 earnings
Stryker (NYSE:SYK) today posted third quarter earnings that narrowly beat earnings per share expectations on Wall Street but missed revenue consensus, seeing its shares drop slightly in after-hours trading. The Kalamazoo, Mich.-based company posted profits of $590 million, or $1.55 per share, on sales of approximately $3.2 billion for the three months ended September 30, seeing […]
Stryker closes $190m Invuity buyout
Stryker (NYSE:SYK) said today that it closed the $190 million acquisition of Invuity (NSDQ:IVTY), adding the San Francisco-based company’s single-use surgical instruments and illumination devices to its portfolio. The $7.40-per-share deal represented a 28.7% premium over the $5.75 closing price for IVTY shares Sept. 10, the day before the deal was announced. “The combination of Stryker’s established leadership […]
K2M settles investor suits with updated financials on $1.4B Stryker merger
K2M (NSDQ:KTWO) yesterday managed to mollify investors who sued to block its $1.4 billion merger with Stryker (NYSE:SYK) by releasing more details on its financials. Investors leveled the suits in the U.S. District Court for Delaware earlier this month seeking to block the deal. The purported class-action suits argued that K2M and its management failed to disclose financial projections made by […]
Stryker extends deadline on $1.4B K2M buy as shareholders sue
Stryker (NYSE:SYK) yesterday filed to extend the anti-trust deadline on its $1.4 billion acquisition of K2M (NSDQ:KTWO) to give the U.S. Federal Trade Commission more time to examine the deal, as shareholders filed suit to block the merger, K2M said today. The new FTC filing pushes the anti-monopoly waiting period out to Nov. 16, the Leesburg, Va.-based spinal […]
Appeals court overturns Stryker win in retaliatory filing case
A federal appeals court yesterday overturned a lower court’s decision to toss a retaliatory filing case against Stryker (NYSE:SYK) after finding conflicts within the company’s testimony. Plaintiff Kelley Donley sued the orthopedics giant in June 2015 after Stryker fired her, allegedly for taking compromising pictures of an important vendor – but also shortly after she […]
Stryker pays $220m for HyperBranch Medical
Stryker (NYSE:SYK) said today that it acquired HyperBranch Medical Technology and its Adherus AutoSpray dural sealant for $220 million. Durham, N.C.-based HyperBranch won pre-market approval from the FDA for the Adherus Autospray sealant in March 2015 and is one of two such sealants allowed on the U.S. market. The other, DuraSeal, won an FDA nod for Covidien in 2011; Covidien dealt […]
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