Michigan-based medical technology company Stryker Corporation ( NYSE:SYK ) has agreed to buy Orthovita (NASDAQ:VITA), a company that make specialty spine and orthopedic products, in a deal worth $316 million. "This transaction delivers significant value to our shareholders and allows us to combine our portfolio of orthobiologic and biosurgery products as well as our novel and unique proprietary biomaterials pipeline with Stryker's industry-leading sales and marketing teams," said Orthovita president and CEO Antony Koblish. The $3.85-per-share deal represents a 41% premium to Orthovita's closing price on Friday.