Wright Medical Group Inc. will acquire a French implant manufacturer, Biotech International, in an $80 million deal, the Memphis-area medical device maker announced Wednesday.
Wright, with manufacturing facilities in Arlington, has reached “definitive agreement” to buy Biotech for $55 million in cash, $20 million in Wright stock and an additional $5 million in cash depending on revenue benchmarks set for 2014 and 2015, according to the company.
“The acquisition of Biotech International is an excellent fit for our extremities business, enabling us to immediately expand our direct foot and ankle presence in Europe and add a base of extremity revenue that we can effectively grow …,” Wright chief executive officer Robert Palmisano said in a statement.
“In addition, Biotech’s products complement our existing foot and ankle portfolio and include several specialized products that expand our extremities product offering. We plan to utilize Biotech’s strong direct sales channels in France and established distributor presence in emerging markets to extend the reach of our international distribution network and further accelerate our growth opportunities in our global extremities business,” Palmisano said.
The acquisition is expected to close the fourth quarter of 2013.
Biotech’s revenue for the 12 months ended June 30 was “in the $15 million range,” Wright medical reported.
