Stryker purchases France’s Vexim for €162m

26 October 2017 (Last Updated October 27th, 2017 10:40)

US-based medical technology firm Stryker has purchased French medical device company Vexim for €162m.

US-based medical technology firm Stryker has purchased French medical device company Vexim for €162m.

The deal sees Stryker gaining 50.7% share capital, 50.3% voting rights and 37.1% of outstanding BSAAR warrants.

Stryker paid a price that represents Vexim’s aggregated equity value on a fully diluted basis of around €183m, corresponding to the approximate €162m enterprise value.

Vexim develops and commercialises vertebral compression fracture (VCF) solutions, including a mechanical expandable VCF implant, SpineJack system, designed to reduce and stabilise fracture.

The firm’s product portfolio is intended to complement Stryker Instruments division’s Interventional Spine (IVS) business, which comprises products for vertebral augmentation, vertebroplasty, and radiofrequency ablation procedures.

“Last year, the firm generated €18.5m in sales, a 33% increase compared with its 2015 revenue.”

Additionally, the business provides a diagnostic tool and decompression advances for the treatment of contained disc herniations.

Alongside direct sales in France, Germany, Spain, and Italy, Vexim offers its products through an international distribution network in certain Eastern European, Middle East, Latin American and Asian countries.

Last year, the firm generated €18.5m in sales, a 33% increase compared with its 2015 revenue.

In order to comply with French tender offer laws and regulations, Stryker has filed a simplified cash public offer with the French stock market authority (AMF) to acquire the remaining shares and BSAAR warrants in Vexim for a similar price paid for the controlling blocks.

Scheduled to close by the end of this year, the acquisition is subject to clearance by AMF.

Upon holding a minimum of 95% share capital, voting rights and fully diluted shares of Vexim at the closing of the offer, Stryker plans to take over the remaining non-tendered shares and BSAAR warrants for owning 100% of the firm.