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.