U.S. med-tech giant buys Israeli firm in 220-mln-USD deal

JERUSALEM, March 14 (Xinhua) -- U.S. medical technology giant Stryker has acquired the Israeli orthopedic device company OrthoSpace for 220 million U.S. dollars, both companies announced Thursday.

The transaction is divided in two parts. The first includes a cash transaction of 110 million dollars, while the second involves a payment of 110 million dollars in accordance with pre-determined milestones.

Founded in 2009, OrthoSpace has developed a biodegradable implant to treat serious shoulder injuries.

The implant is already being used in Europe, Israel and other countries, but still in clinical trials in the United States and has not yet been approved by the Food and Drug Administration.