Wright Medical Group has agreed to acquire US-based orthopedic medical device firm Cartiva for $435m in cash.
Based in Alpharetta of Georgia, Cartiva is engaged in the development of advanced solutions for the treatment of patients with osteoarthritis, cartilage damage and other musculoskeletal conditions.
Cartiva president and CEO Timothy Patrick said: “We believe that Wright, with its 300-plus direct foot and ankle sales organization in the U.S. and its large international organization, as well as its expertise in medical education and product development, is the ideal partner to realize the full potential of our SCI technology.”
In July 2016, Cartiva’s synthetic cartilage implant (SCI) secured premarket approval (PMA) for the treatment of osteoarthritis at the base of the great toe.
The SCI features biocompatible, durable and low-friction organic polymer, which works similar to natural cartilage and can be implanted in around 35 minutes.
Cartiva’s implant enables to reduce joint paint without disturbing the foot’s natural movement compared to fusion, and also retains mobility and range of motion.
Cartiva patients are said to return to function and activities of daily faster than patients who undergo a fusion procedure, due to a less restrictive rehabilitation protocol.
The company also secured regulatory approvals for the implant in Canada, EU, Brazil, Chile and Australia.
The acquired business will add Wright Medical with PMA-approved technology for a high-volume foot and ankle procedure, as well as enables to expand operations in its global extremities business.
Subject to the satisfaction of customary closing conditions, the deal is expected to complete in the fourth quarter of this year.
Wright’s president and CEO Robert Palmisano said: “We are delighted to add Cartiva’s technology, including its Synthetic Cartilage Implant, the first and only PMA product for the treatment of great toe osteoarthritis, to our market-leading lower extremities portfolio.
Wright Medical supplies surgical solutions for the upper extremities, lower extremities and biologics markets.
The upper extremities include shoulder, elbow, wrist and hand, while lower extremities include foot and ankle.