BioCentury
ARTICLE | Company News

BioMimetic, Wright Medical deal

December 3, 2012 8:00 AM UTC

Orthopedic medical device company Wright Medical will merge with BioMimetic 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 Nov. 16, before the deal was announced.

BioMimetic shareholders also will receive a CVR worth up to $6.50 in cash based on regulatory and commercial 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. ...