Wright Medical’s shares will cease trading today under its old name and shares in the combined company will begin trading under Wright’s previous ticker of “WGMI” tomorrow, the company said.
“The culmination of this merger marks a significant milestone for our company, creating the premier, high-growth extremities-biologics company uniquely positioned with leading technologies and specialized sales forces in 3 of the fastest growing areas of orthopedics – upper extremities, lower extremities and biologics. By bringing together the extensive and innovative capabilities of both Wright and Tornier, we can extend our leadership position and further accelerate our growth opportunities and path to profitability, all of which we believe will generate long-term value for our shareholders. This is also an exciting day for our employees as we officially join forces to pursue our shared commitment to serving extremities specialists and building the leading global business in this market,” Wright CEO Robert Palmisano said in prepared remarks.
Each outstanding share of Wright common stock was exchanged for 1.0309 shares of Tornier, which will now be known as Wright Medical N.V., the company said.
In June, Wright and Tornier said both companies’ shareholders approved the $3.3 billion merger of the 2 orthopedic giants.
Wright is reincorporating in Holland, but will base its lower extremities and biologics business in its previous Memphis home base. The upper extremities business will be based at Tornier’s Bloomington, Minn., facility with its engineering in Warsaw, Ind.
Last month, Integra LifeSciences (NSDQ:IART) agreed to acquire some of Tornier’s ankle and toe assets in the U.S., as the Dutch orthopedics company looked to satisfy anti-trust regulators over the merger. With the deal, Integra will acquire the U.S. rights to Tornier’s Salto Talaris and Salto XT ankle replacement devices and its Futura silastic toe replacement, for an undisclosed amount in cash.
The agreement also includes an option on the rights to the Salto Talaris, Salto XT, Salto Mobile and Futura silastic toe replacement devices outside the U.S.