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Wright Medical, BioMimetic enter into combining business agreement
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Wright Medical Group Inc. and BioMimetic Therapeutics Inc. have entered into a definitive agreement for a business combination of Wright and BioMimetic.
According to a press release, the transaction will combine BioMimetic’s biologics platform and pipeline with Wright’s established sales force and product portfolio, to further accelerate growth opportunities in Wright’s Extremities business. Based on Wright’s closing stock price on Nov. 16, the transaction has a total potential value for BioMimetic shareholders of approximately $380 million, or $12.97 per share, under the terms of agreement.
“We believe this transaction will significantly accelerate the continued transformation of our business as well as our strategy of building a world-class biologics platform and growing our foot and ankle business at well above market growth rates,” Robert Palmisano, president and chief executive officer of Wright Medical, stated in the release. “BioMimetic’s products complement our existing biologics product portfolio, and, if approves by the FDA as we expect, Augment Bone Graft will provide us with a unique solution for the U.S. hindfoot and ankle fusion market that leverages the distribution capabilities of Wright’s dedicated foot and ankle sales organization and our physician training capabilities.”