Wright Medical Group N.V. Completes Acquisition of Cartiva

Wright Medical (NASDAQ:WMGI) today announced it has completed its acquisition of Cartiva an orthopaedic medical device company focused on treatment of osteoarthritis of the great toe.

As quoted in the press release:

The transaction adds a differentiated PMA-approved technology for a high-volume foot and ankle procedure and further accelerates growth opportunities in Wright’s global Extremities business.

Wright previously announced on August 27, 2018 that it had entered into a definitive agreement to acquire 100% of Cartiva’s outstanding equity on a fully diluted basis for a total price of $435 million in cash.

Wright will provide updated full-year 2018 guidance, including the impact of the Cartiva acquisition, on its third quarter 2018 earnings call, which is scheduled for November 7, 2018.

Robert Palmisano, president and chief executive officer, commented, “We are delighted to welcome Cartiva as a member of the Wright family.  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.”

Click here to read the full press release.