Israeli medical device company OrthoSpace, the developer of a biodegradable implant that can replace shoulder surgery was acquired by the American company Stryker for $220 million. OrthoSpace has raised nearly $24 million to date and its main investor is InnovaHealth Partners. Half of the deal is subject to meeting the targets.
Stryker today announced the purchase in a report to the New York Stock Exchange. The deal will be executed in two parts: the first consists of a cash transaction in the amount of $110 million, while the second includes a payment of up to $110 million, according to pre-determined milestones.
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This is Stryker second acquisition of an Israeli company. In 2013 it has acquired ActiViews, which has developed a guided needle for pulmonary biopsies and tumor surgical procedures.
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was founded in 2009 and the implant developed is a balloon inserted into the injured shoulder to serve as a buffer between the injured areas and thus relieve the pain. The implant is also gradually degradable. OrthoSpace’s product is being used commercially in Israel and in Europe as well as in other countries, but it has not yet been approved by the US FDA and is still in clinical trials.
Andy Pierce, president of Stryker Group, said: “OrthoSpace’s acquisition complements our existing portfolio and matches our focus on investing in sports medicine. We are excited by OrtoSpace’s momentum in key global markets and the additional analytics that this technology provides to customers. “
