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Wright Medical Group Inc. completes acquisition of BioMimetic Therapeutics
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Wright Medical Group Inc. recently announced that it has completed its acquisition of BioMimetic Therapeutics Inc.
According to a company release, the move will further accelerate growth opportunities in Wright’s Extremities business by combining BioMimetic’s biologics platform and pipeline with Wright’s sales force and product portfolio.
Wright previously announced plans to acquire BioMimetic Therapeutics Inc. for approximately $190 million in cash and stock plus additional milestone payments of up to approximately $190 million in cash, which are payable upon FDA approval of Augment Bone Graft and the company reaching specific milestones for revenue. A total of approximately $42.5 million in cash will be paid and approximately 7 million shares of Wright common stock and 28.1 million contingent value rights will be issued in conjunction with the closing of the transaction.
According to the release, Wright Medical anticipates no change to its full-year 2013 net sales range of $485 million to $495 million as a result of this closing transaction.