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Wright Medical completes acquisition of Biotech International

Wright Medical announced that it has completed its acquisition of Biotech International. The transaction will significantly expand Wright’s direct sales channel in France and international distribution network and add Biotech’s complementary extremity product portfolio to further accelerate growth opportunities in Wright’s global Extremities business. Wright previously announced plans on October 16 to acquire Biotech for an upfront purchase price of approximately $75M in cash and stock, plus additional milestone payments of up to approximately $5M in cash, which are payable upon the achievement of certain revenue milestones in 2014 and 2015. In conjunction with the closing of the transaction, a total of approximately $55M in cash will be paid, and approximately 742,115 shares of Wright common stock will be issued. All Wright common stock issued in connection with the transaction is subject to a one-year lockup.