Major Southwest Michigan manufacturing giant Stryker is growing again through acquisition. The company has announced a definitive agreement to acquire Mobius Imaging & Cardan Robotics
Stryker revealed at mid-week its agreement to acquire Mobius Imaging, LLC, a leader in point-of-care imaging technology, and its sister company, GYS Tech, LLC (doing business as Cardan Robotics), in an all cash transaction of approximately $370 million upfront and up to $130 million of contingent payments associated with development and commercial milestones. The acquisition provides Stryker’s Spine division with immediate entry into the intra-operative imaging segment and aligns with Stryker’s implant and navigation offerings.
Mobius Imaging, founded in 2008, is focused on integrating advanced imaging technologies into medical workflow, which can enhance a clinician’s ability to obtain high-quality images. Its Airo TruCT scanner is a best-in-class mobile, real-time, diagnostic-quality CT imaging system. Cardan Robotics, founded in 2015, is working to develop innovative robotics and navigation technology systems for surgical and interventional radiology procedures.
Spencer Stiles is Group Vice President for Stryker’s Orthopaedics and Spine division. He says, “This acquisition brings expertise in advanced imaging and robotics as well as a robust product pipeline that add to Stryker’s portfolio and will allow the Spine division to provide more complete procedural solutions, including sales, service, and support.” He adds, “We look forward to working together to advance Stryker’s mission to make healthcare better and accelerate our pursuit of category leadership in Neurotechnology, Orthopaedics, and Spine.”
The transaction is expected to have an immaterial impact to Stryker’s net earnings in 2019. The transaction is subject to customary closing conditions, including expiration of the applicable waiting period under the HSR Act, and is expected to close in the fourth quarter of 2019.
Based in Kalamazoo, Stryker is one of the world’s leading medical technology companies and, together with its customers, is driven to make healthcare better. The company offers innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes. More information is available at www.stryker.com.