Wright takes MicroPort global in 51 days (with Video) (Memphis Business Journal)
If you could put together a $290 million deal in less than two months, would you do it?
Wright Medical Group Inc. and MicroPort Scientific Corp. needed 51 days to finalize MicroPort’s acquisition of Wright Medical’s OrthoRecon hip and knee implant business, it was revealed this week at the Musculoskeletal New Ventures Conference at the FedEx Institute of Technology.
While the two companies spent three years getting to know each other, Ted Davis, president of OrthoRecon who will become president of MicroPort Orthopedics Inc. once the deal is final, said MicroPort’s decision to acquire OrthoRecon took him by surprise.
But Jonathan Chen, vice president of international business and investor relations for MicroPort, said the acquisition instantly gave his company a global footprint. Before, 90 percent of MicroPort’s business had come from China.
“We had a spinal business that was much smaller in scale, but now we have a platform in the fastest growing orthopedic markets,” Chen said. “Orthopedics completes our portfolio.”
While the two companies agreed on the acquisition in June, it still must be approved by the Hong Kong Exchange to be approved. That approval is expected soon.
Meanwhile, the two companies are in the process of integrating their operations, Davis said.
“We continue to run the business while trying to drive the separation,” Davis said. “There’s the deal aspect and also the transition planning, then there’s the actual execution after day one. We’re through the first two, but we’ll have to let you know about the last one.”
