Stryker Corp. (NYSE: SYK) is buying Patient Safety Technologies Inc. for about $120 million.

Irvine, Calif.-based Patient Safety, through subsidiary SurgiCount Medical Inc, provides the Safety-Sponge System, a line of products that aim to make sure all sponges are removed after surgical procedures.

The purchase price works out to about $2.22 per share. Patient Safety’s shares closed at about $1.48 on Dec. 30, and were trading around $2.20 midday on Dec. 31.

Stryker is a medical device company that makes reconstructive, medical, surgical, neurotechnology and spine products.

For more on medical devices, see “Medical Devices Drive Health Care M&A.” 


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