Stryker Nabs Concentric Medical for $135 Million

Stryker Corp. will acquire Concentric Medical for $135 million in an all-cash transaction. The acquisition, pending regulatory approval, is expected to close early in the fourth quarter of 2011.

The acquisition of Concentric Medical provides Stryker with immediate entry into one of the fastest growing segments of the interventional neurovascular space—ischemic stroke. Ischemic stroke represents the vast majority of all strokes. Stroke is a leading cause of death and serious long-term disability in the developed world. Ischemic stroke represents over 85 percent of strokes and occurs when a blockage or clot develops in one of the arteries supplying blood to the brain.

Concentric Medical manufactures and markets minimally invasive devices that are endovascularly delivered to the brain to remove blood clots that cause ischemic stroke. Mountain View, Calif.-based Conventric launched its Merci Retriever in 2004. Most recently, the company successfully launched the Trevo Retriever in Europe in 2010. The Trevo Retriever is the first device to retrieve clots from the neurovasculature, according to the company. The device currently is being evaluated in a pivotal clinical trial investigating safety and efficacy.

“We believe Stryker is the ideal strategic partner for Concentric and combining Concentric with Stryker’s Neurovascular division will provide opportunities to accelerate the development of technology and clinical evidence and will allow the commercial expansion of Concentric’s ischemic stroke therapy globally. Our team is excited to be joining the Stryker organization,” said Maria Sainz, president and CEO of Concentric Medical.

Stryker is based in Kalamazoo, Mich.