FDANews
FDAnews Device Daily Bulletin

Wright Medical Cinches Purchase of Biotech International

Nov. 21, 2013

Wright Medical Technology has completed its acquisition of Biotech International, a Salon-de-Provence, France, dental and orthopedic implant maker, in a deal worth $75 million. As part of the transaction, Biotech spun off its dental operations.

The acquisition, announced last month, will allow Wright to expand its foot and ankle lines in Europe and complement Arlington, Tennessee devicemaker’s product offerings. Biotech International’s portfolio includes a range of proprietary orthopedic implants, including primary plates, screws and staples that cover all extremities segments, according to Wright. Among its offerings is the developer of the EasyLock PEEL-Optima system, a patented plate/screw locking mechanism.

Wright also expects to benefit from Biotech International’s sales channels in France and other countries. The company has strong distribution arms in Brazil, Spain and Italy.

The deal was closed for $55 million in cash plus 742,115 shares of Wright’s stock, worth another $20 million. Biotech International will receive another $5 million in cash for meeting revenue milestones in 2014 and 2015, Wright said.

Wright said the deal should help it meet full-year sales goals of between $237 million and $240 million for 2013.

Biotech International cleared about $15 million in revenues from its extremities lines in the fiscal year ending June 30, 2013. The company’s products have received both CE Marks and FDA 510(k) clearance. –Lena Freund

Subscribe to Devices & Diagnostics Letter for complete coverage of the medical devices industry. Click here for more information.