After CEO Kevin Lobo promised earlier this summer a “bullish” M&A pipeline, Stryker is following through with its seventh deal announcement of the year so far.
The company said it has closed its purchase of Nico Corporation, the Indianapolis-based developer of hardware for reaching severe strokes as well as instruments for surgically removing brain tumors.
“As a global leader in neurosurgical access and removal tools, this strategic addition enables us to deliver differentiated, minimally invasive approaches that will drive meaningful outcomes and improve the lives of patients worldwide,” Stryker’s group president for medical surgical and neurotechnology, Andy Pierce, said in a statement. The financial details of the deal were not disclosed.
Nico’s portfolio is centered around minimally invasive parafascicular surgery, or MIPS, where surgeons navigate around and through the brain’s natural folds to reach their target.
The company has been developing its BrainPath and Myriad technologies to help treat intracerebral hemorrhages and cavernous malformations as well as for the resection of primary tumors and brain metastases, in addition to the collection of biopsy samples.
Nico also launched its Spectra system earlier this year, which provides guided illumination plus clot and tissue removal capabilities for both minimally invasive and open craniotomy procedures.
Intracerebral hemorrhages account for up to 20% of all strokes, according to the company, and carry higher rates of death and long-term disability. Stryker estimates that more than 3.4 million people worldwide are affected every year, with that number set to rise as the population ages.
In a randomized trial published this April in The New England Journal of Medicine, Nico’s approach of surgically removing the hematoma from the brain within 24 hours was able to cut the 30-day death rate by about half—to 9.3% versus 18%—compared to standard medical management.
Elsewhere this year, Stryker has signed deals to pick up care.ai, a developer of smart hospital solutions; Artelon, a specialist in soft-tissue fixation in foot, ankle and sports orthopedics; Molli Surgical, for its miniature breast tumor marker; Vertos Medical, aimed at lower back pain; and foot and ankle truss systems from 4WEB Medical.