WASHINGTON (dpa-AFX) - Stryker (SYK) agreed 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.
After closing, VB Spine will become a strategic partner to Stryker with exclusive access to Mako Spine and Copilot for use with VB Spines implants in spine procedures.
Stryker noted that the agreement also includes a binding offer to acquire Strykers spinal implants business in France, subject to required consultations with employees and/or employee representatives.
The transaction is expected to close in the U.S. in the first half of 2025.
In a separate press release, Stryker announced that Glenn Boehnlein will retire from his role as Vice President, Chief Financial Officer. Preston Wells, who currently serves as Group Chief Financial Officer for Strykers Orthopaedics Group, will assume the role of Vice President, Chief Financial Officer effective April 1, 2025.
While announcing its fourth-quarter results, Stryker said it expects adjusted net earnings per share to be in the range of $13.45 to $13.70 and organic net sales growth of 8.0% to 9.0% for 2025.
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