Medical technology firm Stryker has acquired US-based orthopedic device company Ivy Sports Medicine for an undisclosed sum.
Based in Montvale of New Jersey, Ivy Sports Medicine is engaged in the development, manufacturing and marketing of tissue growth and repair products that focus on preservation of the meniscus.
The company’s product portfolio is comprised of a comprehensive minimally invasive meniscal repair platform.
Ivy produces FDA-approved collagen meniscus implant (CMI), which is an all-inside repair device. It also manufactures an inside-out meniscal suturing platform.
The portfolio of Ivy is said to compliment Stryker's current portfolio of visualization, resection, fluid management and ACL reconstruction platforms.
Stryker sports medicine business general manger and vice president Matt Moreau said: "The acquisition of Ivy Sports Medicine strengthens our capabilities and fits strategically with our current portfolio.
“Ivy's complete meniscal platform, coupled with their clinical history, will allow us to provide our customers with multiple solutions to address meniscal repair.”
Ivy Sports Medicine CEO Robert Pangia said: "Ivy Sports Medicine was formed to capitalize on the unmet opportunity in meniscal repair, which we view as one of the more attractive growth opportunities in all of orthopaedics.”
In May, Stryker acquired Stanmore Implants Worldwide from SIW Holdings for about £35.6m.
Stanmore operates orthopaedic business that develops products, which will help surgeons to treat adult and juvenile orthopaedic oncology.
Stryker provides products and services in different specialties, including orthopaedics, medical and surgical, and neurotechnology and spine.