Fortune 500 medical technologies firm Stryker has signed an agreement to acquire Mobius Imaging and its sister company GYS Tech, also known as Cardan Robotics, for an upfront payment of approximately $370m in cash.
This initial payment will be followed by up to $130m of contingent payments related to future development and commercial milestones.
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2019, and is not expected to affect net earnings this year.
Mobius was founded in 2008, and develops imaging technologies that can be integrated into pre-existing medical workflows to enhance clinicians’ ability to obtain high-quality images. The company’s portfolio includes a mobile, real-time imaging system called Airo TruCT scanner, which secured 501(k) clearance from the US Food and Drug Administration (FDA) in April 2018. The CT scanner enables point-of-care images in neurosurgery, thoracic procedures, spine surgery, radiation oncology and emergency department.
Cardan Robotics was established in 2015 with a focus on robotics and navigation technology to aid surgical and interventional radiology procedures.
Stryker expects the acquisition of these companies to support its Spine division’s foray into the intra-operative imaging market. The Stryker Spine unit works on implants, instruments, 3D-printed technologies and biologic solutions for the cervical, thoracic and lumbar spine.
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The deal also complements Stryker’s implant and navigation products.
Stryker Orthopaedics and Spine group president Spencer Stiles said: “This acquisition brings expertise in advanced imaging and robotics as well as a robust product pipeline that adds to Stryker’s portfolio and will allow the Spine division to provide more complete procedural solutions, including sales, service, and support.
“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.”
In March, Stryker acquired Israel-based OrthoSpace, which provides biodegradable balloon systems for orthopaedic procedures.