Stryker Corporation is to acquire privately-held Israeli neuro stent company Surpass Medical, Ltd. in an all cash transaction for $100 million with up to an additional $35 million of milestone payments.
Founded in 2005, Surpass is developing and commercialising next-generation flow diversion stent technology to treat brain aneurysms using a unique mesh design and delivery system. Surpass’ key product, the NeuroEndoGraft family of flow diverters, is designed to redirect blood flow away from an aneurysm, allowing a stable clot to be formed within the aneurysm pouch. The NeuroEndoGraft is CE Marked with a limited launch underway outside the U.S. In addition, the company will begin enrolling patients in an IDE clinical trial in the fourth quarter of 2012.
“The acquisition of Surpass Medical further builds on Stryker’s global platform in the fast growing and highly innovative neurovascular market and helps broaden our offering in Complete Stroke Care,” said Kevin A. Lobo, President and Chief Executive Officer. “We remain committed to furthering care in the interventional neurovascular space by offering patients and caregivers differentiated products that improve outcomes and help save lives.”
Source: Stryker Corporation, Thomson Reuters ONE via COMTEX