Stryker Corp (SYK.N) plans to purchase Orthovita Inc (VITA.O), maker of biologics used in spine surgery, for about $316 million, continuing a consolidation trend in the medical device business. Stryker said on Monday that it will pay $3.85 a share for Orthovita, a 41 percent premium over the company's closing share price on Friday. The value of the transaction includes net debt of $12 million. Orthovita competes in the $5 billion market for orthobiologics, which are proteins and other agents designed to boost the body's healing process. It is a leader in synthetic bone grafts. The deal should help Stryker better compete against larger rivals Medtronic Inc (MDT.N) and Johnson & Johnson (JNJ.N), while Stryker's marketing heft should bolster sales of Orthovita's product lines, analysts said.
Stryker Corporation (Stryker) is a medical technology company. Shares of SYK traded higher by 1.11% or $0.7/share to $63.98. In the past year, the shares have traded as low as $42.74 and as high as $65.21. On average, 2166800 shares of SYK exchange hands on a given day and today's volume is recorded at 2057262.
Orthovita, Inc. (Orthovita) is a specialty spine and orthopedic company with a portfolio of orthobiologic and biosurgery products. Shares of VITA traded higher by 40.11% or $1.095/share to $3.825. In the past year, the shares have traded as low as $1.60 and as high as $3.54. On average, 398194 shares of VITA exchange hands on a given day and today's volume is recorded at 28158516.
Medtronic, Inc. (Medtronic), incorporated in 1957, is a medical technology company. Shares of MDT traded higher by 0.21% or $0.09/share to $42.12. In the past year, the shares have traded as low as $30.80 and as high as $43.51. On average, 5465320 shares of MDT exchange hands on a given day and today's volume is recorded at 1525048.
Johnson & Johnson is a holding company. The Company and its subsidiaries are engaged in the research and development, manufacture and sale of a range of products in the health care field. Shares of JNJ traded higher by 0.06% or $0.04/share to $66.66. In the past year, the shares have traded as low as $56.86 and as high as $67.37. On average, 12264600 shares of JNJ exchange hands on a given day and today's volume is recorded at 3701318.
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