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Wright Medical closes acquisition of French orthopedic extremities company

Wright Medical Group (Wright) has completed its acquisition of Biotech International (Biotech), a French orthopedic extremities company, for an upfront purchase price of $75m in cash and stock, plus additional milestone payments of $5m in cash.

The deal will expand Wright’s direct sales channel in France and international distribution network and add Biotech’s complementary extremity product portfolio.

With the closing of the deal, a total of approximately $55m 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.

As a result of closing this transaction, the company anticipates full-year 2013 sales to be at the high end of its net sales range of $237m to $240m and no change to its adjusted loss range of $0.59 to $0.55 per share.