Wright Medical Group Buys Out Biotech International
Orthopedic company Wright Medical Group has announced plans to acquire French orthopedic extremities company Biotech International for an offer of up to $80 million. The buyout transaction is expected to close in Q4 of 2013.
Upon closing the transaction, Biotech's operations are likely not to change significantly. Wright expects the merger will broaden its sales presence in the French foot and ankle product market. Biotech will also spin off its dental branch into its own company as a result of the acquisition.
Wright's president and chief executive officer, Robert Palmisano, says the company plans "to utilize Biotech's strong direct sales channel in France and established distributor presence in emerging markets to extend the reach of our international distribution network and further accelerate growth opportunities in our global Extremities business."
As of the market's close on October 16, Wright Medical's stock was trading at $27.42 per share. The company's stock has risen 30.6% since the start of 2013.
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