Stryker Sells Costly Division
Michigan-based biotech company Stryker Corp. is cutting ties with its division that cost the company $1.35 million to settle a lawsuit related to products made in Hopkinton.
In August the company agreed to settle allegations that it marketed products for uses that had not been approved by government regulators. Those orthopedic products were the OP-1 therapies, which were produced in Hopkinton.
Stryker announced today it sold the OP-1 product family to Olympus Corp. for $60 million, which includes the sale of a New Hampshire-based manufacturing facility.
The company expects to incur a $75 to $80 million non-cash charge on its balance sheet because of the sale, but it still expects earnings per share to increase on an annual basis more than 11 percent for the year.
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