Stryker to acquire hip arthroscopy startup Pivot

Stryker has announced the signing of a definitive agreement under which it will acquire Pivot Medical, a manufacturer of minimally invasive hip arthroscopy equipment.

Expected to close within the first three months of 2014, the Febuary 19th deal will see the company's instruments and implants added to Stryker's Sports Medicine portfolio for an undisclosed cash sum.

Pivot was founded in 2007 with a focus on arthroscopic devices to treat femoroacetabular impingement syndrome, a hip condition affecting young to middle-aged adults. Hip arthroscopy is the fastest-growing procedure in Sports Medicine and Stryker believe the buyout will complement its existing knee and shoulder solutions.

"The addition of Pivot Medical furthers our commitment to develop Stryker's Sports Medicine business and provides our customers with additional enabling products and solutions," commented Timothy J Scannell, group president for MedSurg and Neurotechnology at the firm.

Outside of acquisition, integration-related and intangible amortisation charges, the buyout is expected to be neutral to Stryker's 2014 earnings per share.