The sale was made in an effort to allow Orthofix to focus on its orthopedics and spine business units. The company expects to close the deal during the second quarter of 2012 and plans to use the roughly $140 million of net proceeds from the sale to repay debt.

In the fourth quarter of 2011, the company reported a 56 percent jump in profit, with a 5.4 percent sales growth. However sales from the company's sports medicine products were only up 10 percent.

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