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Stryker agrees to acquire Orthovita

Stryker has agreed to acquire spine and orthopedic biosurgery company Orthovita for $318m.

The acquisition of Orthovita marks the third announced exit for venture capital and private equity firm Essex Woodlands Health Ventures Fund VII within the past one month.

On 18 April it exited from Prism Pharmaceuticals, an Essex Woodlands Health Ventures Fund VI, LP investment, which merged with Baxter International for $338m.

Another exit was announced by Essex Woodlands Health Ventures Fund VII, LP on 21 April 2011 by Healthcare Brands International (HBI).

HBI, which develops OTC products, sold its Swedish subsidiary, Antula Healthcare, to Meda for SEK1.8bn.

Stryker’s acquisition of Orthovita marks the fourth growth equity exit and sixth overall exit of Essex Woodlands’ portfolio over the past 15 months.

Orthovita president and CEO Antony Koblish said with the innovative financing initiatives which assisted their restructuring and recapitalization efforts exhibited by Essex Woodlands in general, and Scott Barry in particular, they aggressively pursued this transaction.

"This transaction delivers significant value to our shareholders and allows us to combine our portfolio of orthobiologic and biosurgery products as well as our novel and unique proprietary biomaterials pipeline with Stryker’s sales and marketing teams," Koblish said.