Wright Medical puts up $435m for Cartiva

Wright Medical (NSDQ:WMGI) said today that it agreed to pay $435 million in cash to acquire Cartiva and its synthetic cartilage implant for treating arthritis in the big toe and raised its sales outlook for the rest of the year. Alpharetta, Ga.-based Cartiva won pre-market approval from the FDA for the SCI implant in July 2016 (the device won CE Mark approval in the European Union back in 2002 and is also on the market in Canada, Brazil, Chile and Australia). It’s made of an organic polymer designed to mimic the function of human cartilage. Wright forecast a $35 million top-line contribution from Cartiva this year, assuming the purchase closes as expected during the fourth quarter, and $47 million in 2019. Memphis-based Wright said it plans to finance the purchase with an equity offer. “We are delighted to add Cartiva’s technology, including its Synthetic Cartilage Implant, the first and only PMA product for the treatment of great toe osteoarthritis, to our market-leading lower extremities portfolio. Supported by compelling clinical performance and the only product of its kind backed by Level I clinical evidence, Cartiva is experiencing rapid commercial adoption and is well positioned for future growth as it addresses large markets with significant unmet needs. We believe this technology is a perfect fit for our Lower Extremities business and adds a differentiated product that addresses a common condition that is treated by most foot...
Source: Mass Device - Category: Medical Devices Authors: Tags: Mergers & Acquisitions Orthopedics Wall Street Beat Cartiva Extremities wrightmedical Source Type: news

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