“The deal will help Stryker significantly accelerate [its] digital aspirations to improve the lives of caregivers and patients,” according to company Chair and CEO Kevin Lobo.
The dynamics of the joint reconstruction devices industry has strengthened with consistent technological improvements, including the adoption of 3-D printing.
The deal will strengthen Stryker’s portfolio of smart technologies in its joint replacement business and provide products that help physicians make data-driven decisions.
Analysts expect 2020 to be a busy year for M&A activity.
The deal is expected to close in the second half of 2020, but one analyst expects the transaction will raise antitrust issues in the United States.
The company is dedicating more funds to research, development and innovative projects.
The device has been exhibiting a lockup condition during patient use, leading to potential serious injury or death.
Timothy Scannell will take on the new role effective August 1.
The $701-million deal is expected to enhance Stryker’s cross-specialty surgical visualization for surgeons.