Wright Medical Group has announced it will acquire BioMimetic Therapeutics, according to a news release.
BioMimetic, headquartered in Franklin, Tenn., specializes in the development and commercialization of products designed to promote the healing of musculoskeletal injuries and diseases, including therapies for orthopedic and sports medicine applications. The company's Augment bone graft, a replacement for autologous bone graft in foot and ankle fusions, is under late stage FDA review.
Wright will pay an upfront purchase price of $190 million in cash and stock plus contingent payments of up to $190 million for BioMimetic.
"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," said Robert Palmisano, president and CEO of Wright, in the release. "BioMimetic's products complement our existing biologics product portfolio, and, if approved 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."
The transaction is expected to close in the first quarter of 2013.
Wright Medical Group is headquartered in Arlington, Tenn.
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