Medical device maker Wright Medical Group has agreed to buy BioMimetic Therapeutics for $380 million and has reached a financial agreement with Sam Lynch, MD, BioMimetic CEO, according to the Nashville Business Journal.

Medical device manufacturer Wright Medical Group has agreed to purchase BioMimetic Therapeutics for up to $380 million, according to Memphis Business Journal.

BioMimetic Therapeutics, a Franklin, Tenn.-based medical device company, reported a net loss of $6.1 million during the first quarter of 2012.

BioMimetic Therapeutics recently announced financial results for the fourth quarter of 2011, where it reported total revenue of $458,300, an increase over the same period last year.