Stryker Announces Definitive Agreement to Acquire Pivot Medical, Inc.
Stryker Corporation (NYSE:SYK) announced today a definitive agreement to acquire Pivot Medical, Inc. (Pivot) in an all cash transaction. Pivot is a privately held business selling innovative products for hip arthroscopy with operating facilities in Sunnyvale, CA.
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. Hip arthroscopy is the fastest growing procedure in Sports Medicine resulting from improved procedural solutions and growing demand for less invasive solutions. Pivot's innovative products will complement Stryker's existing Sports Medicine portfolio and provide Stryker's customers with a comprehensive offering to address the challenges of Sports Medicine procedures.
"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," said Timothy J. Scannell, Group President, MedSurg and Neurotechnology. "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."
The closing of the transaction is subject to customary closing conditions. Upon closing, the transaction is expected to be neutral to Stryker's 2014 earnings per share excluding acquisition, integration-related and intangible amortization charges. The transaction is expected to close in the first quarter of 2014.