Navigation Links
Stryker Announces Definitive Agreement to Sell OP-1 for Use in Orthopaedic Bone Applications to Olympus
Date:12/6/2010

KALAMAZOO, Mich., Dec. 6, 2010 /PRNewswire-FirstCall/ -- Stryker Corporation (NYSE: SYK) announced today that it has entered into a definitive agreement with Olympus Corporation for the sale of its OP-1 product family, which includes OP-1 Implant, OP-1 Putty, Opgenra and Osigraft, for use in orthopaedic bone applications for $60 million. The transaction also includes the sale of the manufacturing facility in Lebanon, NH. The planned sale is aligned with strategic objectives for both companies. Stryker will redirect a portion of the related R&D spending to other internal projects which it believes offers the potential for greater shareholder returns including its clinical efforts already underway with BMP-7 for potential use in osteoarthritis and research into other non-orthopaedic applications. Given the early stage of these clinical efforts and the expected scope of data to be required by FDA, commercialization of BMP-7 is not expected for at least 5 years.

The Boards of Directors of both companies have approved the transaction.    

As a result of today's announcement, Stryker reported that it will incur a one-time non cash charge of approximately $75 to $80 million (net of income tax benefit) in the fourth quarter to reflect the anticipated loss on the sale of the previously described assets, which will reduce diluted net earnings per share by approximately $0.19 to $0.20.  

Excluding the impact of the expected fourth quarter 2010 one-time charge, there is no change to Stryker's guidance for adjusted diluted net earnings per share for 2010, which is expected to be in the range of $3.27 to $3.30, an increase of 11-12% over adjusted net earnings per share of $2.95 in 2009.

Stryker is one of the world's leading medical technology companies and is dedicated to helping healthcare professionals perform their jobs more efficiently while enhancing patient care.  The Company provides innovative orthopaedic implants as well as state-of-the-art medical and surgical equipment to help people lead more active and more satisfying lives.  For more information about Stryker, please visit www.stryker.com.


'/>"/>
SOURCE Stryker Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Strykers Biotech Division Receives FDA Warning Letter
2. Stryker Operating Results for Quarter Ended September 30, 2009
3. Stryker Biotech and its Top Management Indicted for Illegal Promotion of Medical Devices Used in Invasive Surgeries
4. Stryker Announces Change in Chairman of the Board of Directors
5. Stryker Modifies Its Dividend Policy and Declares Transition Dividend
6. Stryker to Host Analyst Meeting
7. Stryker Announces Agreements To Acquire Assets
8. Stryker Corporation Announces Pricing of Senior Notes
9. Stryker Updates Expected 2009 Results and Provides 2010 Outlook
10. Stryker Completes Acquisition of Ascent Healthcare Solutions
11. RoundTable Healthcare Partners Announces Sale of Ascent Healthcare Solutions to Stryker Corporation
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/27/2016)... , le 27 Avril 2016 ... a progressé de +5% sur le trimestre, soutenu ... de consommables  Croissance de +16% des ... Mauna Kea Technologies (Euronext : MKEA, FR0010609263 ; ... confocale laser, annonce aujourd,hui son chiffre d,affaires pour ...
(Date:4/27/2016)... York , April 27, 2016 ... report titled, "Skincare Devices Market - Global Industry Analysis, ... According to the report, the global skincare devices market ... is anticipated to expand at a CAGR of 10.1% ... in 2023. Browse the full Skincare Devices Market ...
(Date:4/27/2016)... Kan. , April 27, 2016  Bayer ... , a senior from the University of Florida ... of the Bayer Excellence in Communication Award (BECA). ... schools, which were awarded a total of $70,000 ... the last four years, Bayer has provided a ...
Breaking Medicine Technology:
(Date:4/29/2016)... ... April 29, 2016 , ... Shamangelic Healing, ... addition Onnit brand Alpha BRAIN and New Mood Daily-Stress Formula for brain optimization ... optimization products to the store is just one more way Shamangelic Healing supports ...
(Date:4/29/2016)... ... April 29, 2016 , ... The White House announced efforts ... more information about their loan terms and accounts, and more protections for borrowers. ... federal and private loans, has reached $1.3 trillion, with 43 million Americans holding ...
(Date:4/29/2016)... ... April 29, 2016 , ... ... team BioCellection won the $30,000 Perlman Grand Prize of the 2016 Wharton Business ... Award, the Michelson People’s Choice Award, and the Committee Award for Most ‘Wow ...
(Date:4/29/2016)... ... April 29, 2016 , ... Dr. Robert Mondavi, one of the dentists ... dentistry is a fast-growing field as more patients are discovering the many different ways ... about the options currently available to them and which ones might work for their ...
(Date:4/29/2016)... Jupiter, FL (PRWEB) , ... April 29, 2016 ... ... it will feature Grassland Dairy Products, Inc. in an upcoming episode, airing third ... than a century of churning cream into butter, Grassland Dairy Products, located in ...
Breaking Medicine News(10 mins):