Stryker acquisition of OrthoSpace : US medical technologies firm Stryker has acquired an Israeli medical device company OrthoSpace in an all-cash deal worth up to $220 million.
As per the deal terms, Stryker made an upfront payment of $110 million and has committed to future milestone payments up to $110 million.
Established in 2009 in Caesarea, OrthoSpace is focused on developing simple-to-implant and biodegradable balloon systems for orthopedic purposes.
The product portfolio of the Israeli medical device company provides an advanced differential technology for the treatment of massive irreparable rotator cuff tears.
Its portfolio features InSpace, a biodegradable sub-acromial spacer that helps in realigning the natural biomechanics of the shoulder. InSpace is based on an implantable biodegradable balloon system. The biodegradable sub-acromial spacer is implanted through a minimally invasive procedure for outpatients.
The balloon in the InSpace device creates space between the two bones whose rubbing results in most pain. After placing the biodegradable sub-acromial spacer, the friction between the bones is removed, thereby reducing the pain that is otherwise caused by rotator cuff tears.
Currently, InSpace is undergoing a clinical trial in the US and is yet to secure approval for the treatment of massive irreparable rotator cuff tears in the country.
Assaf Dekel – Founder and Chief Medical Officer at OrthoSpace said: “The InSpace balloon is a simple, outpatient solution that can be deployed minimally invasively, and improvements in patient pain and function are documented in numerous peer-reviewed publications.”
InSpace technology is claimed to have a long clinical history with more than 20,000 patients treated in 30 countries.
Commenting on Stryker acquisition of OrthoSpace, Andy Pierce – Stryker MedSurg Group President, said: “The acquisition of OrthoSpace is highly complementary to our existing portfolio and aligns with Stryker’s focus on investing in sports medicine.
“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.”
Stryker acquisition of OrthoSpace follows the US medical technologies firm’s purchase of California-based medical device company Arrinex last month. Arrinex is the developer of ClariFix, a cryoablation technology used for the treatment of chronic rhinitis.
For more medical device news like Stryker acquisition of OrthoSpace, keep following PharmaNewsDaily.com.