Stryker10.02.18
Stryker announced the acquisition of privately-held HyperBranch Medical Technology Inc. for a total equity value of approximately $220 million in an all cash transaction. HyperBranch is dedicated to developing medical devices based on its proprietary polymers and cross-linked hydrogels. Its Adherus AutoSpray Dural Sealant product is one of only two FDA-approved dural sealants on the market.
"The acquisition of HyperBranch supports our growth strategy within our Neurotechnology business," said Spencer S. Stiles, Group President, Neurotechnology, Instruments and Spine for Stryker. "The addition of Adherus to our cranial closure portfolio strengthens our position of excellence in the dural repair space and aligns with Stryker's mission of making healthcare better."
As a PMA approved and CE cleared hydrogel that is indicated for use as an adjunct to standard methods of dural repair to aid in creating a watertight closure of the dura, the Adherus product is highly complementary to Stryker's Craniomaxillofacial division. The patent protected sealant formulation, combined with a differentiated delivery system, is proven through clinical trials to provide clinically safe and effective dural closure.
The transaction is expected to have an immaterial impact to net earnings in 2018.
Sidley Austin LLP served as outside legal counsel for Stryker in connection with this transaction.
"The acquisition of HyperBranch supports our growth strategy within our Neurotechnology business," said Spencer S. Stiles, Group President, Neurotechnology, Instruments and Spine for Stryker. "The addition of Adherus to our cranial closure portfolio strengthens our position of excellence in the dural repair space and aligns with Stryker's mission of making healthcare better."
As a PMA approved and CE cleared hydrogel that is indicated for use as an adjunct to standard methods of dural repair to aid in creating a watertight closure of the dura, the Adherus product is highly complementary to Stryker's Craniomaxillofacial division. The patent protected sealant formulation, combined with a differentiated delivery system, is proven through clinical trials to provide clinically safe and effective dural closure.
The transaction is expected to have an immaterial impact to net earnings in 2018.
Sidley Austin LLP served as outside legal counsel for Stryker in connection with this transaction.
