- Stryker (SYK) has dropped 1.9% to $69.52 after it said it would purchase Mako Surgical (MAKO) for $30 a share.
Stryker (NYSE:SYK) announced today a definitive agreement to acquire MAKO Surgical Corp. (MAKO) for $30.00 per share with an aggregate purchase price of approximately $1.65 billion. This transaction contemplates the issuance by MAKO of an additional 3.953 million shares in connection with an anticipated acquisition which Stryker expects MAKO will consummate as part of MAKO's normal course of business.
Founded in 2004, MAKO has pioneered the advancement of robotic assisted surgery in orthopedics. MAKO currently markets the RIO® Robotic Arm Interactive Orthopedic System and RESTORIS® family of implants to enable its flagship MAKOplasty Partial Knee Resurfacing procedure for the treatment of early to mid stage osteoarthritis. More recently, MAKO expanded its product offering to include the MAKOplasty Total Hip Arthroplasty, a new robotic arm application for patients in need of a total hip replacement.
About MAKO
MAKO Surgical Corp. is a medical device company that markets its RIO® Robotic-Arm Interactive Orthopedic system, joint specific applications for the knee and hip, and proprietary RESTORIS® implants for orthopedic procedures called MAKOplasty®. The RIO is a surgeon-interactive tactile surgical platform that incorporates a robotic arm and patient-specific visualization technology, which enables precise, consistently reproducible bone resection for the accurate insertion and alignment of MAKO's RESTORIS implants. The MAKOplasty solution incorporates technologies enabled by an intellectual property portfolio including more than 300 U.S. and foreign, owned and licensed, patents and patent applications. Additional information can be found at www.makosurgical.com.
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