» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 203 | Thursday, October 17, 2013

Wright Medical Buys French Biotech

By Bill Dries

Print | Front Page | Email this story | Email reporter | Comments ()

Memphis-based Wright Medical Group Inc. announced Wednesday, Oct. 16, it has an agreement to buy the French company Biotech International.

Biotech is a privately-held manufacturer of surgical implants and advanced fixation technologies that deal with fractures. In the case of Biotech, its devices are primarily in the extremities market. In this case, that market is for devices for feet and ankles in Europe.

Preliminary terms of the acquisition Wednesday were $75 million to be paid at closing of the deal with $55 million in cash and the remaining $20 million in Wright common stock.

The terms also include up to $5 million of cash if Biotech reaches agreed upon revenue goals in 2014 and 2015 once it is owned by Wright.

Biotech will spin off its dental business before closing which is anticipated by the end of this calendar year.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 66 153 14,870
MORTGAGES 64 144 19,474
FORECLOSURE NOTICES 0 22 3,817
BUILDING PERMITS 217 359 35,689
BANKRUPTCIES 59 121 14,155
BUSINESS LICENSES 24 86 5,077
UTILITY CONNECTIONS 71 170 21,603
MARRIAGE LICENSES 22 59 4,616

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.