Stryker announced today it has completed the acquisition of OrthoSpace, Ltd., a privately held company founded in 2009 and headquartered in Caesarea, Israel, in an all cash transaction for an upfront payment of $110 million and future milestone payments of up to an additional $110 million.
OrthoSpace’s product portfolio provides a highly differentiated technology for the treatment of massive irreparable rotator cuff tears. The InSpace product is a biodegradable sub-acromial spacer, which is designed to realign the natural biomechanics of the shoulder. The technology has a long clinical history with over 20,000 patients treated across 30 countries. In the U.S., InSpace is currently under clinical study and not approved for use.
“The acquisition of OrthoSpace is highly complementary to our existing portfolio and aligns with Stryker’s focus on investing in sports medicine,” said Andy Pierce, Stryker’s Group President, MedSurg. “We are excited about the momentum OrthoSpace has in key global markets and the additional surgical option this technology provides our customers to address a complex pathology.”
The transaction is expected to have an immaterial impact to net earnings in 2019.
See Full Press Release at the Source: Stryker acquires OrthoSpace, Ltd.
Press release by Stryker
A Speciality Recruiting Firm Exclusively Servicing The Medical Device Industry
Legacy MedSearch has more than 30 years of combined experience recruiting in the medical device industry. We pride ourselves on our professionalism and ability to communicate quickly and honestly with all parties in the hiring process. Our clients include both blue-chip companies and innovative startups within the MedTech space. Over the past 10 years, we have built one of the strongest networks of device professionals ranging from sales, marketing, research & , quality & regulatory, project management, field service, and clinical affairs.
We offer a variety of different solutions for hiring managers depending on the scope and scale of each individual search. We craft a personalized solution for each client and position with a focus on attracting the best possible talent in the shortest possible time frame.
Are you hiring?
Contact us to discuss partnering with Legacy MedSearch on your position.