Stryker Acquires CMF Portfolio from Porex Corporation
BY LAUREN UZDIENSKI, NOVEMBER 1, 2010
Stryker is adding to its CMF portfolio with its acquisition of privately-held Porex Surgical, which manufactures bioimplantable porous polyethylene products (PPE). Stryker says Porex Surgical, a division of Porex Corporation, will complement their current CMF offering. Terms of deal were not disclosed.
Porex's PPE product is marketed under the brand name MEDPOR, and it is made from a linear high-density polyethylene. The device features an interconnecting open pore structure to facilitate ingrowth, and the product's web page says that the material is strong enough that it can be carved without collapsing the pores. In their press release, Stryker added that Porex has a "long history in the PPE market with strong brand recognition" as well as extensive clinical data, including approximately 350 references in peer-reviewed journals.
This is Stryker's second deal in a week, with the announcement coming on the heels of last week's acquisition of Boston Scientific's neurovascular division. These deals help answer speculation about how Stryker would use its sizable cash store - the company had over $4 billion in cash and marketable securities at the time of its last 10-Q filing. The BSX transaction was valued at $1.5 billion, which, as the Wall Street Journal reports, was the most the company has spent on an acquisition since buying Pfizer's orthopedics division for $1.7 billion 12 years ago.
