Fortune 500 Acquires Durham's HyperBranch Medical for $220M
Fortune 500 medical technology firm Stryker (NYSE: SYK), based in Kalamazoo, Michigan, has acquired Durham-based HyperBranch Medical Technology, Inc., for $220 million. HyperBranch CEO Jeff Clark has announced his retirement. However, Stryker will continue to manufacture Adherus AutoSpray Dural Sealant at the Durham facility, according to its spokesperson Jenny Braga.
The Adherus AutoSpray Dural Sealant is used in brain surgery and is applied over stitches (sutures) for dura repair to prevent cerebrospinal fluid (CSF) from leaking out of the incision site as an adjunct to standard methods of closure. The dura is the membrane that covers the brain and spinal cord.
The Adherus AutoSpray consists of synthetic, absorbable sealant materials and a single-use, battery-operated applicator. It received FDA market approval in 2015 for use in patients 13 and older and is one of only two such sealants allowed on the U.S. market.
"The acquisition of HyperBranch supports our growth strategy within our neurotechnology business," said Spencer S. Stiles, Group President, Neurotechnology, Instruments and Spine for Stryker. "The addition of Adherus to our cranial closure portfolio strengthens our position of excellence in the dural repair space and aligns with Stryker's mission of making healthcare better."
Stryker, which reported sales in excess of $10 billion for the first time in 2016, is a medical technology firm offering products and services used in orthopaedics, medical and surgical, neurotechnology and spine therapeutic areas. It has closed more than 40 acquisitions in the last five years.
The firm dates to 1941 when Dr. Homer Stryker, an orthopaedic surgeon in Kalamazoo, began marketing medical products he invented. The firm grew and made acquisitions, issuing an initial public offering in 1979 and gaining listing on the New York Stock Exchange in 1997. In addition to North America, Stryker has locations in South America, U.K., Europe, Asia, Australia and New Zealand. According to its website, it will soon be in Costa Rica.
The company boasts many career and workplace initiatives, including the fact that 55% of its members of the board of directors are women or minorities. Workplace awards include: Fortune's 100 Best Companies to Work For, Glassdoor Best Places to Work and Highest Rated CEOs, LinkedIn Top Companies and, internationally, Fortune’s World Best Places to Work Great Place to Work 2018.