Stryker announces definitive agreement to acquire Mobius Imaging & Cardan Robotics
September 04 2019 - 8:00AM
Stryker (NYSE: SYK) announced today a definitive agreement to
acquire Mobius Imaging, LLC, a leader in point-of-care imaging
technology, and its sister company, GYS Tech, LLC (DBA Cardan
Robotics), in an all cash transaction of approximately $370 million
upfront and up to $130 million of contingent payments associated
with development and commercial milestones. The acquisition
provides Stryker’s Spine division with immediate entry into
the intra-operative imaging segment and aligns with Stryker’s
implant and navigation offerings.
Mobius Imaging, founded in 2008, is focused on integrating
advanced imaging technologies into medical workflow, which can
enhance a clinician’s ability to obtain high-quality images. Its
Airo TruCT scanner is a best-in-class mobile, real-time,
diagnostic-quality CT imaging system. Cardan Robotics, founded in
2015, is working to develop innovative robotics and navigation
technology systems for surgical and interventional radiology
procedures.
"This acquisition brings expertise in advanced imaging and
robotics as well as a robust product pipeline that add to Stryker’s
portfolio and will allow the Spine division to provide more
complete procedural solutions, including sales, service, and
support," said Spencer Stiles, Stryker’s Group President,
Orthopaedics and Spine. "We look forward to working together
to advance Stryker’s mission to make healthcare better and
accelerate our pursuit of category leadership in Neurotechnology,
Orthopaedics, and Spine."
The transaction is expected to have an immaterial impact to
Stryker's net earnings in 2019. The transaction is subject to
customary closing conditions, including expiration of the
applicable waiting period under the HSR Act, and is expected to
close in the fourth quarter of 2019.
Forward-looking statements
This press release contains information that includes or is
based on forward-looking statements within the meaning of the
federal securities law that are subject to various risks and
uncertainties that could cause our actual results to differ
materially from those expressed or implied in such statements. Such
factors include, but are not limited to: the failure to satisfy any
of the closing conditions, including the receipt of any required
regulatory clearances; delays in consummating the acquisition
of Mobius Imaging and GYS Tech; unexpected charges or expenses
in connection with the acquisition of Mobius Imaging and GYS
Tech; weakening of economic conditions that could adversely affect
the level of demand for our products; pricing pressures generally,
including cost-containment measures that could adversely affect the
price of or demand for our products; changes in foreign exchange
markets; legislative and regulatory actions; unanticipated issues
arising in connection with clinical studies and otherwise that
affect U.S. Food and Drug Administration approval of new
products, including Mobius Imaging products; potential
supply disruptions; changes in reimbursement levels from
third-party payors; a significant increase in product liability
claims; the ultimate total cost with respect to recall-related
matters; the impact of investigative and legal proceedings and
compliance risks; resolution of tax audits; the impact of the
federal legislation to reform the United States healthcare
system; costs to comply with medical device regulations; changes in
financial markets; changes in the competitive environment; our
ability to integrate acquisitions, including the acquisition
of Mobius Imaging and GYS Tech; and our ability to realize
anticipated cost savings. Additional information concerning these
and other factors is contained in our filings with the U.S.
Securities and Exchange Commission, including our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q.
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 Orthopaedics, Medical and Surgical, and Neurotechnology
and Spine that help improve patient and hospital outcomes. More
information is available at www.stryker.com.
Contacts
For investor inquiries please contact:Katherine
A. Owen, Vice President, Strategy & Investor Relations at
269-385-2600 or katherine.owen@stryker.com
For media inquiries please contact:Yin Becker,
Vice President, Communications, Public Affairs and Corporate
Marketing at 269-385-2600 or yin.becker@stryker.com
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