Stryker announces intent to acquire SERF SAS, enhancing its global joint replacement leadership

Rhea-AI Summary

Stryker (SYK) has executed a binding offer to acquire SERF SAS, a France-based joint replacement company known for its innovations in hip implants. The acquisition is expected to complement Stryker's global joint replacement portfolio and expand its presence in France and across Europe.

MAHWAH, N.J., USA, Dec. 18, 2023 /PRNewswire/ -- Stryker (NYSE: SYK), one of the world's leading medical technology companies, announced today that it has executed a binding offer to Menix to acquire SERF SAS, a France-based joint replacement company.

With a legacy of over 50 years, SERF SAS is recognized by healthcare professionals worldwide for its innovations in hip implants, including the invention of the original Dual Mobility Cup. This acquisition would complement Stryker's existing presence in France and across Europe as well as its global joint replacement portfolio, allowing Stryker to serve a wider range of patients.

In accordance with French law, the execution of any binding agreement would occur after the works council information-consultation process has been completed. The proposed acquisition is expected to close during the first quarter of 2024, subject to customary closing conditions, including regulatory approvals.

Forward-looking statements

This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: weakening of economic conditions, or the anticipation thereof, that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; changes in foreign currency exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect United States Food and Drug Administration approval of new products; inflationary pressures; increased interest rates; supply chain disruptions; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the ultimate total cost with respect to recall-related matters; the impact of investigative and legal proceedings and compliance risks; resolution of tax audits; changes in tax laws and regulations; the impact of federal legislation to reform the United States healthcare system; costs to comply with medical device regulations; changes in financial markets; changes in our credit ratings; changes in the competitive environment; our ability to integrate and realize the anticipated benefits of acquisitions in full or at all or within the expected timeframes; our ability to realize anticipated cost savings; potential negative impacts resulting from environmental, social and governance (ESG) and sustainability related matters; the impact on our operations and financial results of any public health emergency and any related policies and actions by governments or other third parties; and breaches or failures of our or our vendors' information technology systems or products, including by cyber-attack, data leakage, unauthorized access or theft. Additional information concerning these and other factors is contained in our filings with the United States Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that affect the likelihood that actual results will differ from those contained in the forward-looking statements.

About Stryker

Stryker is one of the world's leading medical technology companies and, together with its customers, is driven to make healthcare better. The company offers innovative products and services in Medical and Surgical, Neurotechnology, Orthopaedics and Spine that help improve patient and healthcare outcomes. Alongside its customers around the world, Stryker impacts more than 130 million patients annually. More information is available at www.stryker.com.

About Menix

Menix comprises cutting-edge technological industries in the orthopaedic (primarily hip and knee) and dental sectors, as well as 3D digital solutions. In the field of orthopaedics, Menix enjoys a leadership position on the dual mobility and first intention stem markets in France.

About SERF SAS

SERF SAS is a French company that develops, manufactures, and sells a range of large joint replacement products on an international basis. Since its founding, SERF SAS has developed numerous innovative concepts, including the invention of the original Dual Mobility Cup. SERF SAS's main office is based in Décines-Charpieu, France.

Media contact
Stryker, Joint Replacement Niamh Grano
Sr. Communications Manager niamh.grano@stryker.com
+1 201.831.5589

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SOURCE Stryker

FAQ

What did Stryker (SYK) announce today?

Stryker announced the execution of a binding offer to acquire SERF SAS, a France-based joint replacement company known for its innovations in hip implants.

What is the legacy of SERF SAS?

SERF SAS has a legacy of over 50 years and is recognized for its innovations in hip implants, including the invention of the original Dual Mobility Cup.

When is the proposed acquisition expected to close?

The proposed acquisition is expected to close during the first quarter of 2024, subject to customary closing conditions, including regulatory approvals.