MALVERN, Pennsylvania (
) -- Shares of
rose more than 40% after agreeing to be acquired by competitor
for $3.85 a share, or about $318 million.
Orthovita shares rose 40.1%, or $1.10, to $3.83 in early afternoon trading Monday.
Stryker's offer is a 41% premium from Orthovita's closing price Friday.
Orthovita, with annual revenue of about $95 million, makes Vitoss bone grafts and Cortoss bone augmentation material, and also sells Vitagel, a product designed to reduce bleeding.
Stryker shares rose 1.1% to $63.99.
-- Written by Joseph Woelfel
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