Stryker ($SYK) has agreed to pay $135 million for Surpass Medical, an Israeli maker of next-generation medical devices to treat brain aneurysms.
The deal breaks down to $100 million upfront and an additional $35 million in milestone payments. Surpass is based in Tel Aviv, but maintains manufacturing and research and development operations in Florida, according to Stryker.
For Stryker, the deal gives it vital new technology with which to compete in the global neurovascular market. Surpass' NeuroEndoGraft uses flow-diversion stent technology to treat brain aneurysms. The NeuroEndoGraft has a CE mark and has had a limited commercial rollout. U.S. development plans are set to kick off by the end of the year with an IDE clinical trial scheduled to enroll patients.
Surpass was founded in 2005.
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