Kalamazoo, MI-based Stryker is buying privately held France's Memometal Technologies in an all-cash transaction for $150 million plus up to an additional $12 million of milestone payments. The transaction is expected to close in Q3.
Memometal makes products for extremity indications based on its proprietary methods for preparing and manufacturing a shape memory metal alloy.
"The acquisition of Memometal provides Stryker with the platform to further establish our company as a key player in the rapidly growing foot and hand segment of the extremities market and creates a strong presence in the podiatric surgery market," said Stephen MacMillan, chairman, president and CEO of Stryker.
Stryker has been on a roll lately after announcing earlier this year that it might tap its cash stockpile to purchase assets after completing its purchase of Boston Scientific's neurovascular unit, showing its willingness to diversify.
Last month, Stryker announced it would buy all of the common stock of Orthovita, a specialty spine and orthopedic company, for $3.85 per share, representing a total value of roughly $316 million. The deal also includes $12 million in debt.
Stryker shares closed Friday at $60.20 and were inactive premarket, Dow Jones notes.
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