STRYKER Signs Definitive Agreement to Acquire CONCENTRIC MEDICAL, Inc.
MOUNTAIN VIEW, Calif., Aug. 31, 2011 /PRNewswire/ -- Concentric Medical, Inc., a global leader in acute ischemic stroke intervention, today announced that Stryker Corporation (NYSE: SYK) has signed a definitive agreement to acquire Concentric Medical for $135 million in an all-cash transaction. The acquisition, pending customary regulatory approvals, is expected to close early in the fourth quarter of 2011.
The acquisition of Concentric Medical provides Stryker with immediate entry into the fastest growing and most innovative segment of the interventional neurovascular space. Ischemic stroke represents the vast majority of all strokes, and this strategic acquisition offers Stryker immediate access into the rapidly expanding Acute Ischemic Stroke segment with a proven technology leader.
Concentric Medical manufactures and markets minimally invasive devices that are endovascularly delivered to the brain to remove blood clots that cause ischemic stroke. Concentric was a pioneer in the development of acute ischemic stroke treatments with the launch of the first Merci® Retriever in 2004. Most recently, the company successfully launched the Trevo™ Retriever in Europe in 2010. The Trevo Retriever is the first device utilizing Stentriever™ technology, a novel approach to retrieving clots from the neurovasculature. The Trevo Retriever is currently being evaluated in the TREVO 2 Trial, a pivotal clinical trial investigating the safety and efficacy of the Trevo Retriever.
“We believe Stryker is the ideal strategic partner for Concentric and combining Concentric with Stryker’s Neurovascular division will provide opportunities to accelerate the development of technology and clinical evidence and will allow the commercial expansion of Concentric’s ischemic stroke therapy globally. Our team is excited to be joining the Stryker organization,” said Maria Sainz, President and CEO of Concentric Medical.
J.P. Morgan Securities LLC acted as exclusive financial advisor to Concentric Medical on the transaction.
About Concentric Medical
Concentric Medical is located in Mountain View, California and is a global leader in the development of endovascular devices for revascularizing stroke patients. Concentric Medical’s devices are available in over 500 leading stroke centers around the world, and have been the subject of several clinical studies.
For more information about Concentric Medical, please visit www.concentric-medical.com.
About Acute Ischemic Stroke
Stroke is a leading cause of death and serious long-term disability in the developed world. Ischemic stroke represents over 85% of strokes and occurs when a blockage or clot develops in one of the arteries supplying blood to the brain. CE mark for the Merci Retriever was first obtained in 2002. In 2004, the FDA cleared Concentric Medical's Merci Retriever® for use in patients who are ineligible for IV-tPA or who fail to respond to IV-tPA therapy.
SOURCE Concentric Medical