Tue Dec 31, 2013 10:01am EST
<span id="articleText"> <span id="midArticle_0"/>Dec 31 (Reuters) - Stryker Corp said it would buy Patient Safety Technologies Inc for $120 million, adding to its portfolio a device that reduces the risk of surgical sponges being left in patients after surgery.
<span class="articleLocatio/spann"/>The medical device maker said it would pay $2.22 per share for Patient Safety, a 50 percent premium to the stock's closing price on Monday.
<span id="midArticle_2"/>Patient Safety shares rose to $2.20 on Tuesday morning.
<span id="midArticle_3"/>The device, SurgiCount Safety-Sponge System, consists of a mobile computer that tracks bar-coded sponges used in surgeries.
<span id="midArticle_4"/>The deal is expected to close in the first quarter of 2014.
<span id="midArticle_5"/>Stryker said the device would be added to its instruments division, which includes surgical equipment and surgical navigation systems.
<span id="midArticle_6"/>BofA Merrill Lynch was Patient Safety's financial adviser and Latham & Watkins LLP was its legal counsel.
<span id="midArticle_7"/>Shares of Patient Safety, which has a market capitalization of $57.5 million, were at $2.19 in early trading.
<span id="midArticle_8"/>Stryker shares were little changed at $75.18 on the New York Stock Exchange.
<span id="midArticle_9"/>
<span id="articleText"> <span id="midArticle_0"/>Dec 31 (Reuters) - Stryker Corp said it would buy Patient Safety Technologies Inc for $120 million, adding to its portfolio a device that reduces the risk of surgical sponges being left in patients after surgery.
<span class="articleLocatio/spann"/>The medical device maker said it would pay $2.22 per share for Patient Safety, a 50 percent premium to the stock's closing price on Monday.
<span id="midArticle_2"/>Patient Safety shares rose to $2.20 on Tuesday morning.
<span id="midArticle_3"/>The device, SurgiCount Safety-Sponge System, consists of a mobile computer that tracks bar-coded sponges used in surgeries.
<span id="midArticle_4"/>The deal is expected to close in the first quarter of 2014.
<span id="midArticle_5"/>Stryker said the device would be added to its instruments division, which includes surgical equipment and surgical navigation systems.
<span id="midArticle_6"/>BofA Merrill Lynch was Patient Safety's financial adviser and Latham & Watkins LLP was its legal counsel.
<span id="midArticle_7"/>Shares of Patient Safety, which has a market capitalization of $57.5 million, were at $2.19 in early trading.
<span id="midArticle_8"/>Stryker shares were little changed at $75.18 on the New York Stock Exchange.
<span id="midArticle_9"/>
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