Stryker revealed it has entered an agreement to sell its U.S. spinal implants business to Viscogliosi Brothers, a family-owned investment firm that specializes in the neuro-musculoskeletal space. A newly formed company will be created, called VB Spine.

After the deal’s close, VB Spine will become a strategic partner to Stryker, with exclusive access to Mako Spine and Copilot for use with VB Spine’s implants in spinal surgeries.

The agreement also includes a binding offer to acquire Stryker’s spinal implants business in France. Sale of the company’s spinal implants business in other international markets is expected, as well.

This transaction is anticipated to be completed in the first half of 2025. Stryker’s U.S. spinal implants business and VB Spine will continue to operate as separate entities and proceed with business as usual until the transaction closes.

“We believe that the spinal implants business, with its comprehensive portfolio and strong sales channel, will thrive as an independent company,” said Kevin A. Lobo, chair and CEO, Stryker. “With dedicated resources and a focused strategy, the business will be well positioned to succeed as part of Viscogliosi Brothers.”

“We have long admired Stryker for its comprehensive spine portfolio, incredible talent, and strong culture,” said Marc, John, and Anthony Viscogliosi, co-founders of Viscogliosi Brothers, LLC. “We see a tremendous opportunity to provide the focus, surgeon-centric innovation, and commercial execution needed to grow the business and further impact patient lives and outcomes.”

Retirement of Stryker’s chief financial officer

Glenn S. Boehnlein has announced that he will retire as VP and CFO of Stryker after a 22-year career at the company. Preston Wells, who is currently group CFO of Stryker’s Orthopaedics Group, will become VP and CFO on April 1.

Wells has held many finance roles at the company. In his current role, he collaborates with the Joint Replacement, Trauma & Extremities, Spine, and Digital, Robotics, and Enabling Technologies teams. Previously, Wells led Investor Relations, Enterprise Financial Planning & Analysis, and the sales finance and sales operations teams that supported Stryker’s Spine business.

Before Stryker, Wells had 17 years of senior accounting and financial management experience, holding finance leadership roles at Dialight Corporation and Johnson & Johnson.

“I want to thank Glenn for his performance drive, strong business partnership, and excellent leadership of the Finance and IT organizations. Glenn is a growth champion who invested in developing talent, including Preston Wells, who has been promoted to chief financial officer,” said Lobo. “I am confident in Preston’s ability to help Stryker continue to deliver strong results.”