September 6, 2011 — Stryker Corp. has signed a definitive agreement to acquire Concentric Medical for $135 million in an all-cash transaction. The acquisition provides Stryker with immediate entry into the fastest growing segment of the interventional neurovascular space.
The acquisition, pending customary regulatory approvals, is expected to close early in the fourth quarter of 2011.
Concentric Medical manufactures and markets minimally invasive devices that are endovascularly delivered to the brain to remove blood clots causing ischemic stroke. The company was a pioneer in the development of acute ischemic stroke treatments with the launch of the first Merci Retriever in 2004.
Most recently, the company successfully launched the Trevo Retriever in Europe in 2010. It is the first device utilizing Stentriever technology, a novel approach to retrieving clots from the neurovasculature. The device is currently being evaluated in the TREVO 2 trial.
Ischemic stroke represents the vast majority of all strokes.
J.P. Morgan Securities LLC acted as exclusive financial advisor to Concentric Medical on the transaction.
For more information: www.concentric-medical.com