Orthopedic implant maker Stryker Corporation yesterday said that it is buying privately held Memometal Technologies SA to gain surgical products for feet, hands and other extremities, in a deal worth up to $162 million.
Founded in 2002 and based in Bruz, France, Memometal designs, develops, manufactures, and markets surgical implants for orthopedic surgeries. It offers implants for PIP arthrodesis, hammer toe, and proximal claw toe surgeries; plating systems; staples for osteotomies and arthrodesis in hand, wrist, and foot; screws to carry out surgical techniques, and anchors for soft tissue reattachment.
With 2010 sales of around $30 million, Memometal's differentiated, comprehensive and proprietary product portfolio will allow Stryker to gain broader access into the fast growing extremities market.
Memometal has divisions in Germany and Switzerland. Its North American headquarters is in Memphis, Tennessee.
In an all cash transaction, Stryker will pay $150 million and up to an additional $12 million in milestone payments.
"The acquisition of Memometal provides Stryker with the platform to further establish our company as a key player in the rapidly growing foot and hand segment of the extremities market and creates a strong presence in the podiatric surgery market," Stephen MacMillan, chairman, president and CEO of Stryker, said in a statement.