Stryker to Purchase Another Healthcare Company

Stryker will be acquiring Patient Safety Technologies, Inc., a company focused on improving surgical results and reducing healthcare costs. As reported by the Wall Street Journal last December 31, 2013, Stryker will be paying around $120 million for this acquisition.

According to the media report, by joining forces with Stryker, Patient Safety Technologies hopes to “optimize the perioperative experience by reducing hazards, streamlining operations, and improving outcomes for patients and caregivers.”

This deal with Patient Safety Technologies came right after Stryker finalized its acquisition of Mako Surgical Corporation, another medical company that invented a robotic surgical system to assist surgeons during joint replacement operations.

 

Read More: Stryker Announces Acquisition of Patient Safety Products Company

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Rejuvenate, ABG II Hip Replacement Recall Cost Stryker About $400 Million

Know-your-Stryker-hip-replacement-well

Stryker’s Rejuvenate and ABG II hip replacement implants have been recalled because of their faulty design which causes various problems in users. These two hip replacement implants have been found to have high failure rates. It produces tiny metal fragments due the friction between the metal ball-and-socket, resulting to higher-than-usual levels of metals in the bloodstream. Since their recall, Stryker had announced that the recall may potentially cost them $140 million to $390 million. However, the hip replacement manufacturer has increased the amount of allocation for the patients’ necessary treatment, as well as the settlement of claims for insurance payments and lawsuits. Financial analysts continue to keep to close tab on the fluctuations of Stryker’s stock price.

READ MORE: Stryker Claims ABG II and Rejuvenate Hip Replacement Recall to Cost Almost $400 Million

Stryker Hip Recall Lawsuits Consolidated in New Jersey Superior Court, the Rottenstein Law Group Reports

As the number of lawsuits mount in New Jersey against Stryker over its recalled Rejuvenate Hip Stem and ABG II Modular Hip Stem components, the New Jersey Supreme Court has ruled that all cases in the state should and will be consolidated into a “multicounty litigation” in Bergen County Superior Court before Judge Brian R. Martinotti, the Rottenstein Law Group reports after reviewing court documents (New Jersey MCL-296).

(PRWEB) January 31, 2013

As the number of lawsuits mount in New Jersey against Stryker over its recalled Rejuvenate Hip Stem and ABG II Modular Hip Stem components, the New Jersey Supreme Court has ruled that all cases in the state should and will be consolidated into a “multicounty litigation” in Bergen County Superior Court before Judge Brian R. Martinotti, the Rottenstein Law Group reports after reviewing court documents (New Jersey MCL-296).

The Jan. 15 decision of New Jersey’s high court follows deliberations in Fall 2012 over how to deal with a growing number of lawsuits in several counties. According to the court order establishing the MCL,* the consolidation is necessary to speed up pretrial proceedings for current and future Stryker Rejuvenate Hip Stem and ABG II Modular Hip Stem lawsuits. MCLs, as with multidistrict litigations at the federal level, centralize actions for pretrial matters to avoid duplication of efforts and to prevent conflicting decisions about pretrial matters.

Read full story at PRWeb: Stryker Hip Recall Lawsuits Consolidated in New Jersey Superior Court, the Rottenstein Law Group Reports