Stryker has agreed to acquire Amplitude Vascular Systems and its intravascular lithotripsy platform for up to $835 million, a move that significantly expands its portfolio for treating peripheral arterial disease. The deal consists of a $435 million upfront payment and $400 million in future milestone payments.
Stryker Corp. will acquire Amplitude Vascular Systems Inc. for up to $835 million, integrating a next-generation intravascular lithotripsy platform to treat severely calcified peripheral arterial disease and entering a rapidly growing market.
"We are doctors first and investors second, which means we look for emerging technologies that solve the needs of physicians and patients, then work to make the product better and scalable," said Dr. Louis Cannon, BioStar’s Senior Managing Director, an early investor in AVS. "Its potential for tremendous impact on patients’ lives has only increased with the benefit of Stryker’s resources and reach."
The acquisition, which closed on May 7, 2026, involves a $435 million upfront payment with an additional $400 million contingent on future development and commercial milestones, according to a company filing. AVS's Pulse System uses CO2-generated pressure waves delivered via a balloon catheter to break up arterial plaque, offering an alternative to existing electrical or laser-based interventions.
The deal positions Stryker to compete in the high-growth intravascular lithotripsy market, currently dominated by Johnson & Johnson following its $13.1 billion acquisition of Shockwave Medical in 2024. With Abbott and Boston Scientific also developing IVL technologies, the acquisition gives Stryker a critical entry point into a market treating a condition that affects 1 in 20 U.S. adults and costs the healthcare system an estimated $100 billion annually.
AVS recently began its first-in-human coronary study for the Pulse IVL system, enrolling its first patient in New Zealand to evaluate the technology's application for calcified coronary artery disease, signaling a key area for future growth.
The deal highlights Michigan's growing medtech ecosystem, with all three key entities having strong ties to the state. Stryker is headquartered in Portage, AVS was co-founded by a University of Michigan doctoral graduate, and venture firm BioStar Capital has a major office in the state.
This article is for informational purposes only and does not constitute investment advice.
