Investment caster Stryker Corp., which specializes in manufacturing orthopedic implants, as well as other medical and surgical equipment, has agreed to pay $1.5 billion to acquire the Neurovascular division of Boston Scientific Corp. It’s a move that will “substantially broaden our product offerings,” Styker chairman Stephen P. MacMillan said.
The all-cash acquisition will close later this year, according to Kalamazoo, MI-based Stryker.
"The acquisition of Boston Scientific Neurovascular is an important strategic move as it positions us as a leader in the highly attractive neurovascular space, which we believe is well positioned to remain one of the fastest growing and most innovative sectors in medical technology," stated MacMillan, who is also Stryker’s president and CEO.
Boston Scientific is a major manufacturer of medical instruments and equipment.
The neurovascular sector is estimated by Stryker to be a $900 million global market that involves products used for minimally invasive treatment of hemorrhagic and ischemic stroke. Boston Scientific’s Neurovascular unit supplies detachable coils, stents, microcatheters, guidewires, and similar products.
“Today, through our Instruments, Orthopaedics and Spine divisions, Stryker offers complementary neurosurgery products to many of the same customers called on by Boston Scientific Neurovascular,” MacMillan explained. “We are highly enthusiastic regarding the prospects for Boston Scientific Neurovascular's next generation portfolio of coils and other diagnostic and therapeutic devices, which are expected to provide the opportunity to regain momentum and return to market leading growth."
Stryker to Pay $1.5 Billion for Neurovascular Business
All-cash purchase expands product offerings into high-growth medical sector