Corin Orthopaedics offered to purchase Wright Medical's large joint business for around $33 million.
Here are seven key notes:
1. Wright Medical's large joints business, or the legacy Tornier large joint business, include hip and knee implants sold primarily in France and other countries in Europe.
2. In October 2015, Wright Medical and Tornier completed their merger, which involved Tornier selling its total ankle replacement and total silastic toe joint replacement rights and assets in the United States.
3. Currently, Wright Medical's large joints business features the Dynacup and Meije Duo hip implants and HLS KneeTec and HLS Noetos knee implants.
4. Wright Medical would retain the exclusive ability to use the Tornier name on its products.
5. The large joints products acquired by Corin would eventually transition to the Corin name.
6. Wright Medical is currently determining the specific impact of the transaction.
7. The proposed transaction is expected to close by the end of the third quarter or early in the fourth quarter of 2016.
"Our large joints business has excellent products and significant market share in key European markets with a loyal customer base. However, this business is not in line with our strategy to be the premier extremities and biologics company. The sale of this business to a strong business partner that is focused on the hip and knee market is the logical next strategic step for Wright," said Robert Palmisano, president and CEO of Wright Medical, in a statement.