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Wright Medical completes acquisition of Biotech

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Wright Medical Group Inc. has completed its acquisition of Biotech International. The acquisition expands Wright’s direct sales channel in France and its international distribution network as well adds Biotech’s complementary extremity product portfolio to accelerate growth opportunities in Wright’s global extremities business.

Wright Medical acquired Biotech for an upfront purchase price of approximately $75 million in cash and stock, plus additional milestone payments of up to approximately $5 million in cash, payable upon the achievement of certain revenue milestones in 2014 and 2015. According to a company press release, a total of approximately $55 million in cash will be paid and approximately 742,115 shares of Wright common stock will be issued in conjunction with the closing of the transaction.

Wright Medical anticipates 2013 net sales will be $237 million to $240 million with no change to its adjusted earnings per share from continuing operations range.