Portage, Michigan, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Stryker (NYSE:SYK), a global leader in medical technologies, announced today a definitive agreement to sell its U.S. spinal implants business to Viscogliosi Brothers, LLC, a family-owned investment firm specializing in the neuro-musculoskeletal space, to create a newly formed company called VB Spine, LLC.
"We believe that the spinal implants business, with its comprehensive portfolio and strong sales channel, will thrive as an independent company," said Kevin A. Lobo, Chair and Chief Executive Officer, Stryker. "With dedicated resources and a focused strategy, the business will be well positioned to succeed as part of Viscogliosi Brothers."
After closing, VB Spine will become a strategic partner to Stryker with exclusive access to Mako Spine and Copilot for use with VB Spine's implants in spine procedures. The transaction will enhance the focus of both Stryker and VB Spine to meet the needs of customers and their patients and is expected to achieve faster growth and deliver greater value for all stakeholders.
"We have long admired Stryker for its comprehensive spine portfolio, incredible talent, and strong culture," said Marc, John and Anthony Viscogliosi, Co-Founders of Viscogliosi Brothers, LLC. "We see a tremendous opportunity to provide the focus, surgeon-centric innovation, and commercial execution needed to grow the business and further impact patient lives and outcomes."
The definitive agreement also includes a binding offer to acquire Stryker's spinal implants business in France, subject to required consultations with employees and/or employee representatives. The sale of Stryker's spinal implants business in other international markets is anticipated, pending satisfaction of legal and regulatory requirements, including any required consultations. The transaction is expected to close in the U.S. in the first half of 2025, subject to customary closing conditions. Stryker's U.S. spinal implants business and VB Spine will continue to operate as separate entities and proceed with business as usual until the transaction closes.
In connection with the transaction, Barings, LLC is an investor and financial partner to Viscogliosi Brothers.
About Stryker
Stryker is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. More information is available at www.stryker.com.
About Viscogliosi Brothers
Viscogliosi Brothers is a family-owned New York City-based family office dedicated to driving growth and innovation in the neuro-musculoskeletal industry. Established in 1999, the firm focuses on identifying and building groundbreaking innovations in healthcare, aiming to address unmet clinical needs, enhance patient outcomes, and drive cost efficiency in the healthcare system. Since its inception 26 years ago, Viscogliosi Brothers has founded, financed, operated and grown 42 businesses with operations and distribution across more than 80 countries. These businesses have positively impacted millions of patients with cutting-edge innovations in healthcare. The firm has led the transformation of multiple businesses in the spine industry specifically including: Spine Solutions, Spine Next, Paradigm Spine, Simplify Medical, Centinel Spine, Companion Spine, Spine BioPharma and Woven Orthopedics Technologies, among others. For more information, visit https://www.vbllc.com/.
About Barings
Barings is a $421+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.
*Assets under management as of December 31, 2024
Contacts
For investor inquiries please contact:
Jason Beach, Vice President, Finance and Investor Relations at 269-385-2600 or
jason.beach@stryker.com
John Nguyen, Senior Director, Investor Relations at 269-385-2600 or john.nguyen1@stryker.com
For media inquiries please contact:
Jenny Braga, Director, Communications and Public Relations at 269-385-2600 or jenny.braga@stryker.com
