Stryker said today it inked a definitive agreement to acquire K2M for approximately $1.4 billion.
In the deal, Kalamazoo, Mich.-based Stryker said it will pay $27.50 per share for each outstanding share of K2M, for a total of approximately $1.4 billion.
The purchase price represents a 27% premium over K2M’s average closing price during the 90 days of trading ended August 29, and will position K2M as a wholly owned subsidiary of Stryker after closing.
Stryker said that the acquisition will strengthen its spinal division’s offerings in the core spinal segment and complex spine market, as well as adding “an attractive minimally invasive spine portfolio.” The addition will also improve Stryker’s additive manufacturing capabilities and global footprint, the company said.
K2M chair & CEO Eric Major is slated to serve as Stryker’s spine division president to lead the combined business, with current Stryker spine prez Bradley Paddock assisting in the transition and integration efforts.
“Joining Stryker will be a very exciting next chapter for our global team and surgeon customers around the world. Stryker’s established leadership in the orthopedic and neurosurgical market, combined with K2M’s culture of innovation and leadership in complex spine and minimally invasive solutions, represent a powerful opportunity for Stryker to strengthen its leadership in the $10 billion global spine market,” K2M CEO Major said in a press release.
The deal, which has already won approval from both company’s board of directors, is slated to close in the fourth quarter.
Read More at the Source: Stryker to acquire K2M for $1.4B – MassDevice
By: Fink Densford
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.