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Stryker Buys Orthopedic Device Company OrthoSpace for up to $220 Million

Stryker Buys Orthopedic Device Company OrthoSpace for up to $220 Million

The Israel-based company develops a biodegradable balloon that can be implanted in a minimally invasive procedure between two bones, preventing friction and alleviating pain

Hagar Ravet  :  2019-03-14T14:08:05..
NYSE-listed medtech company Stryker Corp. is acquiring Israel-based orthopedic device company OrthoSpace Ltd. for $110 million upfront in cash and up to $110 in milestones, the companies announced Tuesday.

Founded in 2009 and based in Israeli affluent coastal town Caesaria, OrthoSpace develops a biodegradable balloon that can be implanted in a minimally invasive procedure between two bones, preventing friction and alleviating pain. The device, which has received a CE mark in Europe and is currently in clinical trials in the U.S., is intended for use in shoulder joints injuries.

OrthoSpace has raised $18.5 million to date according to Pitchbook data, from investors including Johnson & Johnson Innovation and Triventures.

Surgery (illustration). Photo: Shutterstock Surgery (illustration). Photo: Shutterstock Surgery (illustration). Photo: Shutterstock

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