Stryker set to acquire OtisMed

AP News
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Posted: Nov 10, 2009 5:59 PM

Implant maker Stryker Corp. said Tuesday it acquired privately held software technology company OtisMed Corp., and it will also buy assets of two other companies.

OtisMed will operate as part of Stryker's Orthopaedics division and will remain located in Alameda, Calif. Stryker also signed deals with Japan's Mutoh Co. Ltd. and Synergetics USA Inc. to acquire assets used to produce the Sonopet Ultrasonic Aspirator control consoles, hand pieces and accessories.

Specific terms of the two separate deals were not disclosed. However, Stryker said it expects to pay $67 million in upfront payments as well as up to an additional $36 million in future milestone and royalty payments.

Both deals are expected to close before Dec. 31.

Shares of Stryker added 34 cents to close at $48.81.