Stryker was certainly busy last week, buying Boston Scientific's neurovascular business then privately held Porex Surgical, which develops, manufactures and distributes bioimplantable porous polyethylene products for use primarily in reconstructive surgery of the head and face.
Kalamazoo, Michigan-based Stryker agreed to acquire the assets of the neurovascular division of Boston Sci, which will receive $1.4 billion at closing with additional consideration of up to $100 million payable upon specified milestone events. These milestones include the commercialization of the next generation of Target detachable coils used to treat hemorrhagic stroke.
"The acquisition of Boston Scientific Neurovascular is an important strategic move as it positions us as a leader in the highly attractive neurovascular space, which we believe is well positioned to remain one of the fastest growing and most innovative sectors in medical technology," explains Stephen MacMillan, chairman, president and CEO of Stryker. "We are highly enthusiastic regarding the prospects for Boston Scientific Neurovascular's next generation portfolio of coils and other diagnostic and therapeutic devices, which are expected to provide the opportunity to regain momentum and return to market leading growth."
MacMillan was also enthusiastic about the Porex purchase. "The acquisition of Porex Surgical further expands on our presence in the CMF market and allows us to broaden our product offering to both patients and clinicians," MacMillan says in a statement.
The Porex and Boston Sci buys cap a string of purchases this year by cash-rich Stryker, MLive reports. The company had $4.5 billion in cash and marketable securities as of the end of September.
- see the Stryker release on Porex
- read the Stryker release on the Boston Sci buy
- get more from MLive