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Stryker To Buy Concentric Medical For $135M Cash

Thu, 09/01/2011 - 5:43am

NEW YORK (AP) — Stryker Corp. said Wednesday it will buy Concentric Medical Inc., which makes devices that are used to remove blood clots from the brain, for $135 million in cash.

Concentric Medical is based in Mountain View, Calif. Its devices are designed to be inserted into a blood vessel and then be threaded to the brain, where they can remove a blood clot. The clots can cause ischemic strokes. Concentric Medical's newest product is the Trevo Retriever, which is in clinical trials in the U.S. and was launched in Europe in 2010.

Stryker, of Kalamazoo, Mich., said it expects the deal to close during the fourth quarter, pending approval from regulators.

Shares of Stryker gained $1.15, or 2.4 percent, to $48.84 Wednesday.

 

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