KALAMAZOO (AP) -- Medical device maker Stryker Corp. said Tuesday that it reached a deal to buy privately held Surpass Medical Ltd. for $100 million in cash, plus up to $35 million in milestone payments.
The Israel-based company was founded in 2005 and has manufacturing and research and development operations in Miramar, Fla. It's currently developing and commercializing stent technology for the treatment of brain aneurysms, Stryker said.
Stryker said the addition of Surpass expands its product lineup in the fast-growing neurovascular market, while also broadening its stroke care product offerings.
Stryker said it doesn't expect the deal, which should close during the fourth quarter, to affect its 2012 earnings per share, excluding acquisition- and integration-related charges.
Stryker shares rose $1.03, or 2 percent, to $53.33 in afternoon trading.