Wright Medical Group has announced that it has completed its acquisition of Biotech International (Biotech), a leading French orthopaedic extremities company. The transaction will significantly expand Wright’s direct sales channel in France and international distribution network and add Biotech’s complementary extremity product portfolio to further accelerate growth opportunities in Wright’s global extremities business.
Wright previously announced plans in October to acquire 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, which are payable upon the achievement of certain revenue milestones in 2014 and 2015.
In conjunction with the closing of the transaction, a total of approximately $55 million in cash will be paid, and approximately 742,115 shares of Wright common stock will be issued. All Wright common stock issued in connection with the transaction is subject to a one-year lockup.
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