In August, Wright announced it came to a definitive agreement to acquire 100% of Cartiva’s outstanding equity on a fully diluted basis for a total price of $435 million.
“We are delighted to welcome Cartiva as a member of the Wright family,” Robert Palmisano, president and CEO of Wright, said in a press release. “With approximately 120,000 procedures for great toe arthritis performed each year in the U.S., we believe that this technology provides a proven alternative to fusion that reduces joint pain without sacrificing the foot’s natural movement and retains mobility and range of motion.”
Cartiva’s synthetic cartilage implant (SCI) is used for treating osteoarthritis of the big toe and received premarket approval in July 2016. According to Cartiva, the SCI is composed of a biocompatible, durable, low-friction organic polymer that acts like the body’s natural cartilage and can be implanted in about 35 minutes.
Cartiva reportedly reduces joint pain without sacrificing the foot’s natural movement and retains mobility and range of motion. Additional regulatory approvals for the implant have been obtained in Canada, the European Union, Brazil, Chile and Australia.
Wright will provide updated full-year 2018 guidance, including the impact of the Cartiva acquisition, in its third-quarter 2018 earnings call, which is scheduled for Nov. 7.