Wright Medical Closes Acquisition Of Biotech Int'l

(RTTNews) - Wright Medical Group Inc. (WMGI) said Friday it has completed its acquisition of Biotech International, a French orthopaedic extremities company.

The deal will expand Wright's direct sales channel in France and international distribution network and add Biotech's complementary extremity product portfolio, the company said.

In October, Wright announced plansober to acquire Biotech for an upfront purchase price of about $75 million in cash and stock, plus additional milestone payments of up to about $5 million in cash, payable upon the achievement of certain revenue milestones in 2014 and 2015.

With the closing of the deal, a total of approximately $55 million in cash will be paid, and about 742,115 shares of Wright common stock will be issued. All Wright common stock issued in connection with the transaction is subject to a one-year lockup.

As a result of closing the deal, the company expects full-year 2013 sales to be at the high end of its net sales range of $237 million to $240 million and no change to its adjusted loss range of $0.59 to $0.55 per share.

Analysts polled by Thomson Reuters expect a loss of $0.57 per share on sales of $239.27 million for the year.