US-based medical device company Stryker has announced that it has completed the acquisition of soft tissue fixation company Artelon, to expand its hold over a surgical market estimated to be worth approximately $3.4bn.
The acquisition comes with the aim to acquire Artelon’s portfolio of devices and expand options available to Stryker’s foot and ankle and sports medicine specialist customers.
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Stryker says that Artelon’s synthetic technology is designed to enhance biological and mechanical ligament and tendon reconstruction with more than 60,000 implantations worldwide.
The medical device company has not disclosed the cost of the acquisition but in the hours following the announcement, the company’s stock price tumbled from $339 per share to $333 each.
Tim Lanier, president of Stryker’s trauma and extremities division said: “Integrating Artelon’s portfolio into Stryker’s offerings will allow us to deliver best-in-class soft tissue fixation solutions.
“This acquisition strengthens our competitive edge. Leveraging Artelon’s unique synthetic technology and extensive expertise positions us to continue driving innovation and solidify our leadership in the foot and ankle and sports medicine segments.”
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By GlobalDataResearch by GlobalData found that in 2022 the overall US market for trauma fixation devices stood at an approximate value of £3.4bn, with the company facing steep competition from medical device giants such as DePuy Synthes, who are responsible for just under half of the market. The remaining 55% of the sector is broken up between Stryker, Zimmer Biomet, Smith & Nephew, Arthrex and Acumed.
Brent Ladd, president of Stryker’s endoscopy division, said: “The acquisition of Artelon will offer enhanced solutions in the soft tissue fixation segment, enhancing our ability to meet the diverse needs of our customers.
“This is a significant milestone for Stryker as it will provide our customers with advanced technologies designed to improve patient outcomes.”
The announcement follows a series of acquisitions across multiple indications for Stryker, having completed the acquisition of commercial-stage medical device company Cerus Endovascular in May 2023. In 2018, the company acquired spine solutions maker K2M Group in an all-cash deal valued at $1.4bn.
