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MicroPort acquires Wright Medical’s OrthoRecon business

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Wright Medical Group Inc. announced a definitive agreement under which MicroPort Medical B.V., a subsidiary of MicroPort Scientific Corporation, will acquire Wright’s OrthoRecon business.

According to a company press release, the purchase price is $290 million, subject to a net working capital adjustment, and is payable in cash at closing, which is expected to occur by the end of the third quarter or early in the fourth quarter of 2013. After closing, the OrthoRecon business will continue to be headquartered in Arlington, Tenn, and Ted Davis, who is currently president of Wright’s OrthoRecon business, will lead the MicroPort Orthopedic business. Consisting of hip and knee implant products, Wright’s OrthoRecon business generated global revenue of approximately $269 million in 2012.

“Over the last 18 months, we have made significant progress in transforming our business to dramatically accelerate growth in our foot and ankle business, build a growing, global OrthoRecon business and significantly improve cash flow. This next step in our transformation should enable both businesses to flourish as separate, global companies focused in their unique market space with strong management teams that will position them for continued success,” Robert Palmisano, president and chief executive officer of Wright Medical, stated in the release.