Stryker has signed a definitive agreement to acquire privately held Surpass Medical in an all-cash transaction for $100 million and up to an additional $35 million in milestone payments.
Founded in 2005 and headquartered in Tel Aviv, Israel, with manufacturing and R &D in Miramar, Fla., Surpass is seeking to develop and commercialize flow diversion stent technology to treat brain aneurysms using a mesh design and delivery system.
Surpass said its NeuroEndoGraft family uses flow diverters, which are designed to redirect blood flow away from an aneurysm, allowing a stable clot to be formed within the aneurysm pouch. The NeuroEndoGraft has CE Mark with a limited launch underway outside the U.S. In addition, the company will begin enrolling patients in an Investigational Device Exemption clinical trial in the fourth quarter.
The closing of the transaction is subject to customary closing conditions. Upon closing, the transaction is expected to be neutral to Stryker's 2012 earnings per share excluding acquisition and integration-related charges. The transaction is expected to close in the fourth quarter.