FT. LAUDERDALE, Fla., Sept. 25, 2013 (GLOBE NEWSWIRE) – MAKO Surgical Corp. today announced a definitive agreement with Stryker Corporation, by which Stryker will acquire all of the outstanding shares of MAKO for $30.00 per share in cash, for an aggregate purchase price of approximately $1.65 billion.
“The combination of Stryker’s established industry leadership with MAKO’s innovative products and people contains the power to positively transform orthopedics,” said Maurice R. Ferre, M.D., President and Chief Executive Officer. “It is with this in mind that MAKO’s board of directors unanimously voted to recommend that MAKO’s shareholders vote in favor of it.”
“MAKO has established a compelling technology platform in robotic assisted surgery which we believe has considerable long term potential in joint reconstruction,” said Kevin A. Lobo, President and Chief Executive Officer. “The acquisition of MAKO combined with Stryker’s strong history in joint reconstruction, capital equipment (operating room integration and surgical navigation) and surgical instruments will help further advance the growth of robotic assisted surgery. Our combined expertise offers the potential to simplify joint reconstruction procedures, reduce variability and enhance the surgeon and patient experience. We look forward to welcoming the MAKO team to Stryker.”
The transaction is subject to customary closing conditions, including MAKO stockholder approval.
In connection with this transaction, J.P. Morgan is acting as financial advisor and Wachtell, Lipton, Rosen & Katz and Foley & Lardner LLP are acting as legal advisors to MAKO.
MAKO Surgical Corp. is a medical device company that markets its RIO Robotic-Arm Interactive Orthopedic system, joint specific applications for the knee and hip, and proprietary RESTORIS implants for orthopedic procedures called MAKOplasty. The RIO is a surgeon-interactive tactile surgical platform that incorporates a robotic arm and patient-specific visualization technology, which enables precise, consistently reproducible bone resection for the accurate insertion and alignment of MAKO’s RESTORIS implants. The MAKOplasty solution incorporates technologies enabled by an intellectual property portfolio including more than 300 U.S. and foreign, owned and licensed, patents and patent applications. Additional information can be found at www.makosurgical.com.
Source: MAKO Surgical Corp.