Wright agreed last week to pay up to $390 million in cash, stock and milestone payments for BMTI, saying it plans to use the acquisition to bolster its foot and ankle healing business.
The Arlington, Tenn.-based medical device company now owns some 10.2 million shares of BioMimetic, according to the filing.
Under the terms of the deal, each BMTI share will translate into the right to receive $1.50 in cash plus 0.2482 WMGI shares, which values BioMimetic at $190 million, based on Wright’s closing stock price of $20.01 on Friday.
BMTI shareholders will also get 1 tradable "contingent value right," making them eligible to receive up to $3.50 per share pending FDA approval of BioMimetic’s Augment bone graft and up to $3 per share more based on sales milestones.
The deal is expected to close early next year.
"We believe this transaction will significantly accelerate the continued transformation of our business as well as our strategy of building a world-class biologics platform and growing our foot and ankle business at well above market growth rates," Wright president & CEO Robert Palmisano said when the deal was announced. "BioMimetic’s products complement our existing biologics product portfolio, and, if approved by the FDA as we expect, Augment Bone Graft will provide us with a unique solution for the U.S. hindfoot and ankle fusion market that leverages the distribution capabilities of Wright’s dedicated foot and ankle sales organization and our physician training capabilities."
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