Corin Orthopaedics Limited set to acquire Wright Medical Group's large joints business
Wright Medical Group N.V. announced the company has received a binding offer from Corin Orthopaedics Holdings Limited to acquire Wright Medical Group’s large joints business, consisting of hip and knee implants sold primarily in France and other European countries.
According to a company press release, under the terms of the offer, Corin would acquire all of the legacy Tornier large joints business for a purchase price of €29.7 million in cash following a consultation process with the employee works council in France. After payment of estimated transaction and transition costs, net after-tax proceeds for Wright Medical are estimated to be approximately $20 million.
Exclusive ability to use the Tornier name on its products will be retained by Wright while the hip and knee products acquired by Corin will transition to the Corin name. The proposed transaction is expected to close by the end of the third quarter or early fourth quarter of 2016, subject to customary closing conditions.
“We are delighted with the acquisition of Tornier’s clinically proven portfolio of hips and knees,” Stefano Alfonsi, CEO of Corin, said in the release. “Tornier’s hip and knee portfolio has been a key part of the history of orthopedics and has always been a significant driver of improving the clinical outcome for patients across the globe. Corin is focused on hip and knee joint replacement and is excited to become a major part of the innovative French clinical community. We are looking forward to working closely with Tornier’s thought leaders and surgeons and to welcoming their talented large joints team based in Montbonnot into our global organization. We trust we will be worthy custodians of Tornier’s large joints portfolio.”