Stryker Corporation tells us it has completed its previously announced all-cash acquisition of Pivot Medical Inc.
As we discussed when the announcement of impending acquisition was made less than a month ago, this is a key part of Stryker’s bid to enhance its position in the arthroscopy and sports surgery devices market. Getting into hip arthroscopy could indeed pay off, it being the fastest growing procedure in Sports Medicine, a discipline hitherto hampered by the challenge of gaining access to one of the body’s trickier joints. Pivot’s innovative products will complement Stryker’s existing Sports Medicine portfolio and provide Stryker’s customers with a comprehensive sports med offering.
Pivot was founded in 2007 with a focus on hip arthroscopy procedures treating femoroacetabular impingement syndrome (FAI). Pivot has a platform of innovative instruments and implants to efficiently access and restore the mobility of the hip with minimal incisions.
Although the details of the transaction have not been disclosed, the acquisition of Pivot Medical is expected to be neutral to Stryker’s 2014 earnings per share excluding acquisition, integration-related and intangible amortization charges, according to Stryker.
“The addition of Pivot Medical furthers our commitment to develop Stryker’s Sports Medicine business and provides our customers with additional enabling products and solutions,” Timothy J. Scannell, group president of Stryker MedSurg and Neurotechnology, said in a press release. “This acquisition will allow us to combine Pivot’s innovative platforms in hip arthroscopy with Stryker’s knee and shoulder sports medicine solutions, and full line of arthroscopy visualization and tissue resection devices.”
Source: Stryker Corporation