Stryker Announces Definitive Agreement to Acquire Surpass Medical for $135 Million

Stryker Corporation

announced today a definitive agreement to acquire privately-held Surpass Medical, Ltd. (Surpass) in an all cash transaction for $100 million and up to an additional $35 million of milestone payments. Founded in 2005 and headquartered in Tel Aviv, Israel with manufacturing and R&D in Miramar, Florida, Surpass is developing and commercializing next-generation flow diversion stent technology to treat brain aneurysms using a unique mesh design and delivery system.  Surpass' key product, the NeuroEndoGraft family of flow diverters, is designed to redirect blood flow away from an aneurysm, allowing a stable clot to be formed within the aneurysm pouch. The NeuroEndoGraft is CE Marked with a limited launch underway outside the U.S. In addition, the company will begin enrolling patients in an IDE clinical trial in the fourth quarter of 2012.