Wright Medical Group, Inc. and MicroPort Scientific Corporation Enter Into Definitive Agreement Under Which MicroPort Will Acquire Wright’s OrthoRecon Business (press release)
Wright Medical Group, Inc.(NASDAQ: WMGI) today announced a definitive agreement under which MicroPort Medical B.V., a subsidiary of MicroPort Scientific Corporation (HK: 0853), will acquire Wright’s OrthoRecon business. 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.
Wright’s OrthoRecon business consists of hip and knee implant products and generated global revenue of approximately $269 million in 2012. The OrthoRecon business has established hip and knee franchise brands including DYNASTY® and CONSERVE® hips, PROFEMUR® modular stems, SUPERPATH™ minimally invasive hip surgical instrumentation, and ADVANCE® and EVOLUTION® medial-pivot knee implants. According to industry research, the worldwide hip and knee reconstruction market is approximately $14 billion in 2012. In addition, the China Hip and Knee implant market is estimated to be approximate...
