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Wright Medical to purchase Solana Surgical, OrthoPro
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Wright Medical announced an agreement to acquire two medical device companies.
The company will purchase Solana Surgical LLC, which specializes in extremity orthopedic products, for $47.6 million in cash and $42 million will come in Wright common stock. The second acquisition is OrthoPro, another company which specializes in extremity orthopedics. OrthoPro will be purchased for $32.5 million in cash and an additional $3.5 million could be paid if OrthoPro can achieve unspecified revenue goals.
“The acquisitions of Solana and OrthoPro are excellent fits for our extremities business, enabling us to add a base of fast-growing extremity revenue that we can effectively grow on a go-forward basis. Both of these transactions meet our criteria of being accretive to revenue growth and adjusted EBITDA,” Robert Palmisano, president and chief executive officer of Wright, stated in a company press release. “In addition, products from both companies will complement our existing foot and ankle portfolio and include several specialized products that expand our extremities product offering. Both companies have a reputation for leading innovation, and we anticipate that their products will help expand Wright’s position as the definitive technology leader in the foot and ankle market.”