Stryker has acquired privately-held HyperBranch Medical Technology for a total equity value of around $220m in an all cash transaction.
HyperBranch is dedicated to developing medical devices based on its proprietary polymers and cross-linked hydrogels. Its Adherus AutoSpray Dural Sealant product is one of only two FDA-approved dural sealants on the market.
Stryker neurotechnology, instruments and spine group president Spencer Stiles said: “The acquisition of HyperBranch supports our growth strategy within our Neurotechnology business.
“The addition of Adherus to our cranial closure portfolio strengthens our position of excellence in the dural repair space and aligns with Stryker’s mission of making healthcare better.”
As a PMA approved and CE cleared hydrogel that is indicated for use as an adjunct to standard methods of dural repair to aid in creating a watertight closure of the dura, the Adherus product is highly complementary to Stryker’s Craniomaxillofacial division.
The patent protected sealant formulation, combined with a differentiated delivery system, is proven through clinical trials to provide clinically safe and effective dural closure.
The transaction is expected to have an immaterial impact to net earnings in 2018.
Sidley Austin served as outside legal counsel for Stryker in connection with this transaction.
Stryker is one of the world’s leading medical technology companies and, together with its customers, is driven to make healthcare better.
The company offers innovative products and services in orthopedics, medical and surgical, and neurotechnology and spine that help improve patient and hospital outcomes.
Source: Company Press Release