DAVIE, FL – Before Mako Surgical Corp. is bought out for $1.65 billion, it plans to complete an acquisition of its own.
The Davie-based manufacturer of a knee and hip replacement surgical robot (NASDAQ: MAKO) announced that it would acquire the orthopedic device and robotics line of Cedar Knolls, N.J.-based Pipeline Biomedical Holdings.
These products were developed by its Pipeline Orthopedics affiliate. In addition to knee and hip replacements, it also develops shoulder replacements. Mako Surgical said Pipeline Biomedical has been its partner in developing and supplying advanced implants for Mako Surgical’s Robotic Arm Interactive Orthopedic (RIO) system.
Mako Surgical will pay $2.5 million in cash and 3.95 million in unregistered Mako Surgical. Given that Stryker Corp. (NYSE: SKY) has agreed to pay $30 a share for Mako Surgical, the stock in the deal would be worth $118.6 million.
Mako Surgical hopes to close the Pipeline Biomedical acquisition on Friday. The Stryker deal is still pending shareholder approval.
Shares of Mako Surgical closed at $29.55 on Tuesday. The 52-week high was $29.59 when the Stryker deal was announced on Sept. 25. The 52-week low was $10 on April 8.