On Jan. 28, major orthopedic and spine device manufacturer Stryker announced plans to sell off its U.S. spinal implants business.
Here are eight things for ASCs to know about the sale:
1. Stryker's U.S. spine segment will be sold to investment firm Viscogliosi Brothers.
2. That group will create VB Spine, which will be a strategic partner to Stryker with exclusive access to the company's Mako Spine and Copilot technology.
3. The transaction is expected to close in the first half of 2025.
4. The sale is likely valued at over $1 billion dollars, though the parties did not disclose the amount.
5. Stryker CEO Kevin Lobo told investors that the segment "has faced challenges in achieving our performance expectations." Mr. Lobo said the sale will put the business in the hands of new owners with extensive experience in the spine market and allow Stryker to better align its resources.
6. The definitive agreement also includes a binding offer to acquire Stryker's spinal implants business in France.
7. Viscogliosi Brothers is headquartered in New York City and was founded in 1999. The company "is a full life-cycle investor, investing at all stages in companies, from inception, through growth and to scale," according to its website.
8. Following the announcement, Stryker's stock fell 1.2%.