September 25, 2013
MAKO Surgical Corp. Announces
Definitive Agreement to Be Acquired by Stryker Corporation
for $30 per Share in Cash
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.
About 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. |