Stryker Sells Physical Therapy Business To Private Equity Firm For $150 Mil.
This article was originally published in The Gray Sheet
Executive Summary
Stryker is getting out of the physical therapy business to focus on its core orthopedic franchise
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Stryker/Physiotherapy settle DoJ fraud case
Stryker and its former outpatient physical therapy business Physiotherapy Associates will pay $16.6 million to settle false claims allegations, the U.S. Department of Justice announces Nov. 14. Physiotherapy will also enter a corporate integrity agreement with the Office of Inspector General. The case stems from two whistleblower suits filed by former employees. Stryker sold Physiotherapy to private equity firm Water Street Healthcare Partners in June. Part of the acquisition agreement limited Stryker's liability for any payments resulting from the DoJ investigation (1"The Gray Sheet" June 11, 2007, p. 10)
Stryker/Physiotherapy settle DoJ fraud case
Stryker and its former outpatient physical therapy business Physiotherapy Associates will pay $16.6 million to settle false claims allegations, the U.S. Department of Justice announces Nov. 14. Physiotherapy will also enter a corporate integrity agreement with the Office of Inspector General. The case stems from two whistleblower suits filed by former employees. Stryker sold Physiotherapy to private equity firm Water Street Healthcare Partners in June. Part of the acquisition agreement limited Stryker's liability for any payments resulting from the DoJ investigation (1"The Gray Sheet" June 11, 2007, p. 10)