Stryker (SYK) has announced an agreement to divest its U.S. spinal implants business to Viscogliosi Brothers, LLC, a family-owned investment firm with expertise in the neuro-musculoskeletal sector. This transaction will lead to the formation of a new entity, VB Spine, LLC.
Following the completion of the sale, VB Spine will act as a strategic partner to Stryker, having exclusive access to Mako Spine and Copilot technologies, which will be integrated with VB Spine's implants for spinal procedures.
The agreement further includes a binding offer to purchase Stryker's spinal implants operations in France, contingent on necessary consultations with employees and their representatives.
The deal is expected to finalize in the United States during the first half of 2025.
In a separate announcement, Stryker disclosed that Glenn Boehnlein is set to retire from his position as Vice President and Chief Financial Officer. Preston Wells, who currently holds the position of Group Chief Financial Officer for Stryker's Orthopaedics Group, will assume the role of Vice President and Chief Financial Officer starting April 1, 2025.
During its fourth-quarter earnings report, Stryker projected adjusted net earnings per share to range between $13.45 and $13.70, alongside expected organic net sales growth between 8.0% and 9.0% for 2025.
