Wright Medical deals large joint biz to Corin Orthopaedics for $33m (MassDevice)
Wright Medical (NSDQ:WMGI) said today that it agreed to deal its large joints business to Corin Orthopaedics Holdings for about $33 million in cash.
The €29.7 million transaction, which is expected to close by the end of the 3rd quarter or early in the 4th quarter, involves legacy hip and knee implants from Tornier; Wright and Tornier merged in a $3.3 billion deal in October 2015.
Wright itself got out of the hip and knee space in June 2013 with the $290 million sale of its OrthoRecon business to Hong Kong-based MicroPort Scientific (HK:0853).
The assets included in the sale to Corin, which are mostly sold in Europe, are the Dynacup and Meije Duo hip implants and HLS KneeTec and HLS Noetos knee implants. After a transition period they’ll be re-branded under the Corin banner; the business will keep its base in Montbonnot, France, Wright said.
Net proceeds from the sale are expected to be about $20 million, according to Wright, which said it had projected $37 million in sales for the business this year. Adjusted earnings before interest, taxes, debt and amortization were pegged at $5 million to $6 milli...
