Wright Medical Group, Inc. is to acquire French ortho extremity company Biotech International for $80 million. It says this will significantly expand Wright’s direct sales channel in France and international distribution network and add Biotech’s complementary extremity product portfolio.
Wright Medical Group, Inc. is a global leader of surgical solutions for the foot and ankle market and markets its products in over 60 countries worldwide. It will be hoping that the acquisition will give it a further leg up in its quest to dominate the extremities market, Biotech specializing in the design, production and marketing of surgical implants and advanced fixation technologies.
Wright will acquire 100% of Biotech’s outstanding equity shares on a fully diluted basis at a total offer price of up to $80 million. The transaction is expected to close in the fourth quarter of 2013. As part of the transaction, Biotech will spin off its dental business before the close.
for Wright Medical
Robert Palmisano, president and chief executive officer of Wright, commented, “The acquisition of Biotech International is an excellent fit for our Extremities business, enabling us to immediately expand our direct foot and ankle presence in Europe and add a base of extremity revenue that we can effectively grow on a go-forward basis. In addition, Biotech’s products complement our existing foot and ankle portfolio and include several specialized products that expand our extremities product offering. We plan 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.”
for Biotech International
Bruno Thevenet, president of Biotech International, and Philippe Veran, co-founder, added, “We are delighted to partner with a company that shares Biotech’s commitment to building a high-growth, global Extremities business. We believe that Wright Medical, with its global leadership position in the foot and ankle market and expertise in medical education and product development, is the ideal partner to accelerate growth and realize the full potential of Biotech’s sales channels around the world. We look forward to working with Wright to ensure a seamless transfer and the continued success of our business as part of Wright Medical.”
Source: Wright Medical Group, Inc., Business Wire