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Stryker announces definitive agreement to acquire Patient Safety Technologies
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Stryker Corporation announced a definitive agreement to acquire Patient Safety Technologies Inc. for $2.22 per share, with an aggregate purchase price of $120 million. The transaction is expected to close in the first quarter of 2014.
According to a company press release, Patient Safety Technologies conducts its business through its wholly owned subsidiary, SurgiCount Medical Inc. The company’s Safety-Sponge System and SurgiCount 360 compliance software help prevent retained foreign objects in the operating room, thereby improving patient safety and reducing health care costs. The system includes bar-coded surgical sponges and towels, an integrated barcode scanner and compliance tracking software. The Safety-Sponge System will become part of Stryker’s Instruments division’s offerings and will augment Stryker Instruments’ broad portfolio of products designed to optimize the perioperative experience by reducing hazards, streamlining operations and improving outcomes for patients and caregivers.
“We are committed to providing solutions that result in a higher quality of care and level of safety for both patients and health care professionals,” Timothy J. Scannell, group president, MedSurg and Neurotechnology, stated in the release. “This acquisition aligns with Stryker’s focus on offering products and services that have demonstrated cost effectiveness and clinical outcomes.”