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Orthovita Inc. agrees to be acquired by Stryker Corporation
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Orthovita Inc. has entered into a merger agreement under which Stryker Corporation has agreed to acquire all of the common stock of Orthovita.
“The board of directors unanimously concluded that this transaction is in the best interests of Orthovita and its shareholders. We believe this is a very positive outcome for our shareholders and maximizes the value of Orthovita’s orthobiologic and biosurgery platforms,” William E. Tidmore, chairman of the board for Orthovita, stated in a company press release.
Under the terms of the merger agreement, Stryker will commence an all-cash tender offer to acquire all of the outstanding common stock of Orthovita for $3.85 per share within 10 business days. This represents a total value of approximately $316 million. The tender offer is expected to be completed in the second quarter of 2011. The tender offer is subject to customary closing conditions. Following the tender offer, Stryker will acquire the remaining outstanding shares of Orthovita common stock through a second step merger.
“This transaction is a great event for our shareholders, customers and employees,” Antony Koblish, president and chief executive officer of Orthovita, stated in the release. “This transaction delivers significant value to our shareholders and allows us to combine our portfolio of orthobiologic and biosurgery products as well as our novel and unique proprietary biomaterials pipeline with Stryker’s industry-leading sales and marketing teams. We look forward confidently to an exciting future with a great partner.”