About a month after it's billion-dollar acquisition of K2M, Stryker continues to make smaller acquisitions to complement its product portfolio.
The company has taken steps to acquire the privately held HyperBranch Medical Technology, a company dedicated to developing medical devices based on its proprietary polymers and cross-linked hydrogels. Here are five things to know:
1. Stryker will acquire HyperBranch Medical for $220 million in an all-cash transaction.
2. The acquisition will support Stryker's growth strategy in the neurotechnology business. HyperBranch is the manufacturer of the Adherus AutoSpray Dural Sealant, one of two FDA-approved sealants available on the market.
3. Stryker doesn't expect the transaction to have a material impact on 2018 net earnings.
4. Adherus has CE clearance and pre-market approval from the FDA and is highly complementary to Stryker's craniomaxillofacial division. The sealant formulation combined with the delivery system has gone through clinical trials to prove safety and effectiveness during dural closure.
5. Stryker's outside legal counsel for the transaction was Sidley Austin.
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