Stryker announces definitive agreement to acquire Vertos Medical, Inc., expanding interventional pain management solutions

Rhea-AI Summary

Stryker (NYSE: SYK) has announced a definitive agreement to acquire Vertos Medical Inc., a private company specializing in minimally invasive treatments for chronic lower back pain caused by lumbar spinal stenosis. This acquisition aims to expand Stryker's interventional pain management solutions, particularly in ambulatory surgery centers.

Vertos Medical's mild® procedure offers pain relief and improved mobility without major surgery, addressing a condition affecting millions globally. Andy Pierce, Group President at Stryker, emphasized the company's commitment to restoring patients' quality of life through interventional solutions. The transaction, subject to customary closing conditions, is expected to strengthen Stryker's portfolio in the growing field of minimally invasive pain management.

Positive

• Expansion into the growing market of minimally invasive pain management solutions
• Acquisition of Vertos Medical's mild® procedure, offering pain relief without major surgery
• Potential for increased market reach in ambulatory surgery centers
• Strengthening of Stryker's interventional pain management portfolio

Negative

• None.

Portage, Michigan, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Stryker (NYSE: SYK), a global leader in medical technologies, announced today a definitive agreement to acquire Vertos Medical Inc., a privately held company providing a minimally invasive solution for treating chronic lower back pain caused by lumbar spinal stenosis.

Lumbar spinal stenosis affects millions of people globally and is a leading cause of pain and disability. Patients today are seeking minimally invasive treatment options, valuing reduced recovery times and quicker returns to daily life. Vertos Medical’s mild^® procedure provides a solution for pain relief and may improve mobility^1,2 without the need for major surgery.

“We are committed to helping customers restore patients’ quality of life with interventional solutions to address chronic pain,” said Andy Pierce, Group President, MedSurg and Neurotechnology, Stryker.
“This acquisition strengthens our minimally invasive pain management portfolio with differentiated treatments and expands our reach across ambulatory surgery centers.”

“Allowing patients to get back to what matters most to them is what matters most to us,” said Eric Wichems, Vertos Medical’s Chief Executive Officer. “Stryker’s mission and focus on interventional solutions provides an opportunity to further improve patients' quality of life.”

This transaction is subject to customary closing conditions. Stryker and Vertos Medical Inc. will continue to operate as separate entities and proceed with business as usual until the transaction closes.

About Stryker
Stryker is a global leader in medical technologies and, together with its customers, is driven to make healthcare better. The company offers innovative products and services in MedSurg, Neurotechnology, Orthopaedics and Spine that help improve patient and healthcare outcomes. Alongside its customers around the world, Stryker impacts more than 150 million patients annually. More information is available at www.stryker.com.

Media contact
Beth Sizemore
Sr. Director, Strategic Communications
beth.sizemore@stryker.com

References

1. Deer TR, Chafin TB, Costandi SJ, Qu H, Kim C, Jassal N, Patel K, Calodney A. The MOTION study: Two-year results of a real-world randomized controlled trial of the mild® procedure for treatment of lumbar spinal stenosis. Pain Pract. 2024 Jan;24(1):109-119.Deer TR, Costandi SJ, Washabaugh E, Chafin TB, Wahezi SE, Jassal N, Sayed D. The MOTION Study: A Randomized Controlled Trial with Objective Real-World Outcomes for Lumbar Spinal Stenosis Patients Treated with the mild® Procedure: One-Year Results. Pain Med. 2022 Apr 8;23(4):625-634.

FAQ

What company is Stryker (SYK) acquiring?

Stryker (SYK) is acquiring Vertos Medical Inc., a privately held company specializing in minimally invasive solutions for treating chronic lower back pain caused by lumbar spinal stenosis.

How will the Vertos Medical acquisition benefit Stryker (SYK)?

The acquisition will expand Stryker's interventional pain management solutions, strengthen its minimally invasive pain management portfolio, and increase its reach across ambulatory surgery centers.

What is the main product of Vertos Medical that Stryker (SYK) is acquiring?

The main product is the mild® procedure, which provides pain relief and may improve mobility for patients with lumbar spinal stenosis without the need for major surgery.

When was the acquisition of Vertos Medical by Stryker (SYK) announced?

The definitive agreement for Stryker to acquire Vertos Medical was announced on August 22, 2024.