Wright Medical Group N.V. closed its transaction with Corin Orthopaedics to divest its large joint business.
Here's what you should know.
1. Wright accepted the binding offer for $32.3 million for its large joint assets.\
2. The net after tax proceeds to Wright are expected to be approximately $20 million.
3. Corin Orthopaedics is acquiring Wright's complete Tornier hip and knee implants catalog, but Wright will retain rights to the Tornier name. The former Tornier implants will bear the Corin name.
Cornier will continue to headquarter the Tornier business in Montbonnot, France.
4. CEO of Wright Medical Robert Palmisano said, "The completion of the sale of this business to Corin should enable both businesses to flourish as separate companies focused in their unique market spaces with strong management teams that will position them for continued success."
5. Wright Medical will solely focus on growing its extremities and biologics markets.