Wright Medical closes $32m large joints sale to Corin Orthopaedics

Wright Medical (NSDQ:WMGI) said today that it closed the $32.3 million sale of its large joints business to Corin Orthopaedics Holdings last week, for net proceeds of about $20 million.

The €29.7 million transaction involves legacy Tornier hip and knee implants acquired when Wright and Tornier merged in a $3.3 billion deal in October 2015.

Wright itself got out of the hip and knee space in June 2013 with the $290 million sale of its OrthoRecon business to Hong Kong-based MicroPort Scientific (HK:0853).

The assets included in the sale to Corin, which are mostly sold in Europe,  are the Dynacup and Meije Duo hip implants and HLS KneeTec and HLS Noetos knee implants. After a transition period they’ll be re-branded under the Corin banner, run out of Montbonnot, France.

“The completion of the sale of this business to Corin should enable both businesses to flourish as separate companies focused in their unique market spaces with strong management teams that will position them for continued success. We will now devote our full resources and attention on accelerating growth opportunities in the high-growth extremities and biologics markets and believe this will enhance our ability to create significant shareholder value. We are grateful to our large joint employees for their dedication and hard work,” Wright president & CEO Robert Palmisano said in prepared remarks.

“Having met many of the passionate employees of the Tornier hip and knee business over the past months, I am delighted to welcome into our global organization the talented team based in Montbonnot, France, where we are committed to remain. This key acquisition increases our presence in the global hip and knee market, 1 of the largest market segments in orthopedics and will provide us with significant market share in the innovative French market. The combination of these market leading products with Corin’s cutting-edge personalized technologies will improve the satisfaction of our patients throughout the world,” added Corin Orthopaedics CEO Stefano Alfonsi. “We are looking forward to working closely with Tornier’s thought leaders and surgeons and trust we will be worthy custodians of the Tornier hip and knee legacy.”

($1 = €1.0868709249)

The post Wright Medical closes $32m large joints sale to Corin Orthopaedics appeared first on MassDevice.

from MassDevice http://ift.tt/2eg05gK