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Stryker Corporation  (SYK) Announces Agreements To Acquire Assets of OtisMed Corporation


11/11/2009 6:51:03 AM

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KALAMAZOO, Mich., Nov. 10 /PRNewswire-FirstCall/ -- Stryker Corporation announced today that it has acquired OtisMed Corporation, a privately held, software technology firm. OtisMed will focus on customizable instrumentation that has the potential to complement the many benefits that surgeons and patients realize from Stryker's Triathlon Knee System, as well as other Stryker implants. OtisMed will operate as part of Stryker's Orthopaedics Division and remain located in Alameda, California.

In addition, Stryker announced it has entered into definitive agreements with Mutoh Co., Ltd., a Japanese company, and certain of its affiliates, and Synergetics USA, Inc. (Nasdaq: SURG - News) to acquire assets used to produce the Sonopet Ultrasonic Aspirator control consoles, hand pieces and accessories as well as the worldwide rights to market and sell these products. The closing of these combined transactions is anticipated to occur prior to December 31, 2009, subject to agreed upon conditions. These products will be incorporated into Stryker's Instruments Division which is headquartered in Kalamazoo, Michigan.

The terms of these two combined transactions include $67 million in upfront payments as well as potential future milestone and royalty payments of up to an additional $36 million.

About Stryker

Stryker Corporation is one of the world's leading medical technology companies with the most broadly based range of products in orthopaedics and a significant presence in other medical specialties. Stryker works with respected medical professionals to help people lead more active and more satisfying lives. The Company's products include implants used in joint replacement, trauma, craniomaxillofacial and spinal surgeries; biologics; surgical, neurologic, ear, nose & throat and interventional pain equipment; endoscopic, surgical navigation, communications and digital imaging systems; as well as patient handling and emergency medical equipment. For more information about Stryker, please visit www.stryker.com.

About OtisMed

Founded in 2005, OtisMed Corporation is a software technology firm dedicated to providing new solutions for complex clinical problems in joint replacement. OtisMed's focus is on developing and commercializing highly accurate, cost-effective, and customized surgical solutions.

About Mutoh Co., Ltd.

Mutoh Co., Ltd. is a leading provider of equipment, products, instruments and services to the medical and scientific communities. The Mutoh group companies partner with their clients and the medical profession in planning, researching, developing, designing, manufacturing, selling and servicing cutting edge medical devices, tools and related equipment. Mutoh also provides consulting services related to the design, construction and management of medical facilities.

About Synergetics USA, Inc.

Synergetics USA, Inc. is a leading supplier of precision microsurgery instrumentation. Through continuous improvement and development of our people, our mission is to design, manufacture and market innovative microsurgical instruments and consumables of the highest quality in order to assist and enable surgeons around the world to provide a better quality of life for their patients. The Company's primary focus is on the microsurgical disciplines of ophthalmology and neurosurgery. Our distribution channels include a combination of direct and independent sales organizations and important strategic alliances with market leaders. The Company's product lines focus upon precision engineered, microsurgical, hand-held instruments and the microscopic delivery of laser energy, ultrasound, electrosurgery, illumination and irrigation, often delivered in multiple combinations. The Company's website address is http://www.synergeticsusa.com.

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