Tornier just announced a divestiture needed to secure completion of its $3.3 billion merger with Wright Medical. Integra Lifesciences acquire Tornier's ankle and toe replacement orthopedic devices in the U.S. for an undisclosed amount. It also gained an option to purchase the ex-U.S. rights to Tornier's toe replacement devices.
Wright Medical Group had expected to complete its acquisition of Tornier during the first half of this year. But now that is a "best case scenario," according to a statement from the company. The Federal Trade Commission has extended the waiting period until the deal close in order to give Tornier time to deal with the agency's concerns about its lower extremity products.
Wright Medical Group said it expects to report positive revenue numbers for both the fourth quarter and full year based on its improved U.S. foot and ankle business and new product launches.
UPDATED: Wright, Tornier merge in $3.3B inversion deal to create extremities and biologics pure play
Wright Medical Group plans to merge with peer Tornier in an all-stock transaction designed to create a pure-play orthopedics extremities and biologics company valued at $3.3 billion. The resulting entity is expected to be a midsized growth company that's in what it says are the three fastest growing areas of orthopedics--upper extremities, lower extremities and biologics.
Tornier has signed on to purchase OrthoHelix Surgical Designs for $135 million plus milestones, acquiring the company's foot and ankle systems.
In a brief statement issued this morning, Dutch medical device company Tornier ($TRNX) says it plans to consolidate facilities "to drive operational productivity."
This week, Tornier BV unveiled estimated terms for its planned initial public offering. The company is selling 8.75 million ordinary shares with an estimated price of between $19 and $21 per share.
Dutch medical device maker Tornier has filed a $205 million IPO. The company, which has 769 employees worldwide, says it hopes to use proceeds from the financing to pay off $108 million in debt, and