Stryker to Buy Patient Safety Technologies for $120M

Stryker has agreed to acquire Patient Safety Technologies for $120 million or $2.22 per share. Patient Safety Technologies owns the proprietary Safety-Sponge System and SurgiCount 360 compliance software to prevent retained foreign objects in the operating room. The company's actual revenue for nine months of 2013 was $14.9 million.

The transaction is expected to close in the first quarter of 2014 and is subject to customary approval by stockholders.

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