Stryker Corp., a large medical technology company based in Kalamazoo, said today that it would acquire Mako Surgical Corp. for $30 per share, or approximately $1.65 billion total.
Based in Ft. Lauderdale, Fla., Mako sells robotic arms that can be used in partial knee resurfacing procedures for the treatment of early to mid-stage osteoarthritis. The company recently expanded its offering to include a robotic arm application for patients needing a total hip replacement.
Kevin A. Lobo, president and CEO of Stryker, says Mako’s technology platform in robotic assistant surgery has considerable long-term potential in joint reconstruction.
“The acquisition of Mako combined with Stryker’s strong history in joint reconstruction, capital equipment (operating room integration and surgical navigation), and surgical instruments will help further advance the growth of robotic assisted surgery,” Lobo said in a statement. “Our combined expertise offers the potential to simplify joint reconstruction procedures, reduce variability, and enhance the surgeon and patient experience.”
The transaction is subject to customary closing conditions, including Mako stockholder approval.
As of June 30, 2013, Stryker’s cash and cash equivalent balances totaled $4.7 billion, with an additional $2.8 billion in debt.