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ARTICLE | Company News

Wright Medical, BioMimetic to merge

November 20, 2012 1:42 AM UTC

Orthopedic medical device company Wright Medical Group Inc. (NASDAQ:WMGI) will merge with BioMimetic Therapeutics Inc. (NASDAQ:BMTI) in a cash and stock deal that values BioMimetic at up to $380 million comprising $190 million up front and a contingent value right (CVR) worth up to $190 million. BioMimetic shareholders will receive $1.50 in cash and 0.2482 Wright shares for each share held, or about $6.47 based on Wright's close of $20.01 on Friday, before the deal was announced.

BioMimetic shareholders also will receive a CVR worth up to $6.50 in cash based on milestones, including a $3.50 payment upon FDA approval of Augment Bone Graft. A PMA for the combination of recombinant human platelet-derived growth factor BB ( rhPDGF-BB) and a resorbable synthetic bone matrix is under review in the U.S. for use as an alternative to autograft in hindfoot and ankle fusion procedures. ...