Stryker to acquire intravascular lithotripsy pioneer AVS for up to $835M
Michigan-linked medical technology sectors marked a significant consolidation as Stryker (NYSE:SYK) signed a definitive agreement to acquire Amplitude Vascular Systems (AVS) in a transaction valued at up to $835 million.
The pre-FDA clearance exit represents a major milestone for early-stage medical manufacturing networks and substantially broadens Stryker’s peripheral vascular intervention catalog.
AVS specializes in treating severely calcified peripheral arterial disease, a condition affecting roughly 1 in 20 American adults over the age of 20 and generating an estimated $100 billion in annual healthcare expenditures.
The company's proprietary Pulse System offers a novel approach to Intravascular Lithotripsy (IVL).
While legacy systems rely on high-voltage electrical wires or lasers to shatter blockages, AVS’s platform utilizes low-maintenance, carbon dioxide-generated hydraulic pressure waves delivered through a specialized balloon catheter.
This uniform mechanical force fractures arterial calcium, expanding vessel diameter while mitigating localized tissue trauma and enhancing catheter flexibility through narrow arterial pathways.
The transaction underscores strong geographical ties to the Michigan research and business landscape.
AVS co-founder Robert Chisena, Ph.D., built early prototypes of the device in an Ann Arbor garage while finishing his doctorate at the University of Michigan.
He refined the mechanism alongside Hitinder S. Gurm, M.D., an interventional cardiologist and interim Chief Medical Officer of the University of Michigan Health System.
Initial development was catalyzed by venture capital firm BioStar Capital.
Its founder, Dr. Louis Cannon, first encountered the underlying hydraulic engineering concepts while serving on the university's Coulter Committee.
The high-valuation pre-regulatory exit marks another multi-million dollar liquidity event for BioStar Capital's specialized medical device portfolio.
The firm's historical investments include Corindus Vascular Robotics, which Siemens Healthineers bought for $1.1 billion; V-Wave, which Johnson & Johnson acquired for up to $1.7 billion; and CathWorks, an AI-driven coronary imaging developer acquired by Medtronic in a deal worth up to $585 million.
Following the completion of regulatory closing conditions, Stryker plans to integrate the Pulse IVL hardware into its broader global commercial supply chains.