January 25, 2015 5:39 AM ET

Healthcare Equipment and Supplies

Company Overview of Howmedica Osteonics Corporation

Company Overview

Howmedica Osteonics Corporation, doing business as Stryker Orthopaedics, develops, manufactures, and distributes orthopedic products and services. It offers hip, knee, upper extremity, trauma, and spinal systems, as well as bone cement and bone substitutes. The company was founded in 1970 and is based in Mahwah, New Jersey. Howmedica Osteonics Corporation operates as a subsidiary of Stryker Corporation.

325 Corporate Drive

Mahwah, NJ 07430

United States

Founded in 1970

Phone:

201-825-5000

Fax:

201-831-6038

Key Executives for Howmedica Osteonics Corporation

President of Stryker Corporation
Age: 49
Chief Scientific Advisor
Age: 70
Compensation as of Fiscal Year 2014.

Howmedica Osteonics Corporation Key Developments

Osiris Therapeutics, Inc. and Howmedica Osteonics Corp., Enter into an Exclusive Service Agreement

On December 19, 2014, Osiris Therapeutics, Inc. and Howmedica Osteonics Corp., also referred to as Stryker Orthopaedics, entered into an Exclusive Service Agreement, pursuant to which Stryker will become the exclusive worldwide marketer and promoter of allograft services for Osiris' viable bone matrix allograft, previously referred to as OvationOS, together with any improvements or next generation versions thereof, for use in surgical applications, including spine, trauma, extremity, cranial, and foot and ankle surgery. Stryker intends to market and promote Osiris' viable bone matrix allograft pursuant to the Agreement under the name Bio4. Osiris will be responsible for supply, manufacturing, inventory management, shipments to customers, and the associated risks, and a joint steering committee will guide strategic decisions regarding marketing and commercialization, and scientific and clinical strategy, the costs of which will be shared. The Agreement provides for an initial four year exclusive term, commencing on the date of Stryker's initial commercial sale. The term may be extended by Stryker for an additional exclusive period of four and /or non-exclusive period of two years. The Agreement also contains other terms and conditions typical in arrangements of this type, including pricing and commission terms, shipment, return and consignment terms, first refusal rights, limited early termination rights and termination fees, allocation of regulatory responsibilities, intellectual property and other representations and warranties, and indemnification. Osiris is entitled to receive an initial exclusivity fee of $5,000,000 and additional fees upon any exercise by Stryker of its right to extend the initial term, whether on an exclusive or non-exclusive basis. These additional fees are reduced on a sliding scale if Stryker meets certain revenue thresholds during the term then ending, or if revenue goals are not met as a result of Osiris not fulfilling its supply obligations.

Howmedica Osteonics Corporation Announces Settlement Agreement to Compensate Eligible U.S. Patients

Howmedica Osteonics Corporation and Court-appointed committees of attorneys representing Rejuvenate Modular-Neck and ABG II Modular-Neck plaintiffs in New Jersey Multicounty and Federal Multidistrict litigations announced a Settlement Agreement to compensate eligible U.S. patients who had surgery to replace their Rejuvenate Modular-Neck hip stem and/or ABG II Modular-Neck hip stem, known as a revision surgery, prior to November 3, 2014. The Settlement Agreement follows from a successful early mediation program initiated by New Jersey Superior Court Judge Brian R. Martinotti and efforts by the chief mediator, former United States Magistrate Judge Diane M. Welsh. The success of the mediation process led to the resolution of multiple suits and claims pending in the federal courts and other states.

Lieff Cabraser Heimann & Bernstein, LLP Files Lawsuit Against Stryker Orthopaedics for Defective Artificial Hip Implants

Lieff Cabraser Heimann & Bernstein, LLP announced that over the past month 20 hip replacement patients represented by Lieff Cabraser have filed personal injury lawsuits against Stryker Orthopaedics. These suits charge that the company manufactured and sold defective artificial hip implants known as the Stryker Rejuvenate and Stryker ABG II hip implants. The patients hail from across the nation, including Alabama, California, Colorado, Illinois, New York, Ohio, Oregon, Pennsylvania, and Texas. In June 2012, Stryker recalled its Rejuvenate hip implant, along with the ABG II Modular Neck hip implant, due to fretting and/or corrosion in the implants which can release metal debris in and around the hip. The metal debris causes many patients to suffer significant pain and discomfort from a condition called metallosis, characterized by elevated blood metal levels and fluid buildup and swollen or damaged tissue in the hip, ultimately requiring revision surgery to remove and replace the faulty Stryker hip. Stryker marketed the Rejuvenate and ABG II systems as being the 'next generation' and 'latest evolution' in their hip replacement product lines. Stryker began selling the Rejuvenate hip system in 2009 and the ABG II hip system in 2010. The neck pieces in the Stryker Rejuvenate and ABG II implants are made of chromium and cobalt, and the stems are made of a titanium alloy, creating a metal-on-metal junction.

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