According to press releases, Wright Medical Group N.V. plans to sell its Tornier hip and knee business to Corin Orthopaedics Holdings Ltd. for about $33 million in cash. This deal comes shortly after Wright and Tornier merged in October 2015. Wright has sold assets in the hip and knee space in the past. In June 2013, Wright sold its OrthoRecon business to Hong Kong based MicroPort for $290 million.
In a statement, Robert Palmisano, president and chief executive officer of Wright, stated:
Our large joints business has excellent products and significant market share in key European markets with a loyal customer base. However, this business is not in line with our strategy to be the premier extremities and biologics company.
Stefano Alfonsi, chief executive officer of Corin, commented, “We are delighted with the acquisition of Tornier’s clinically proven portfolio of hips and knees.” The acquired portfolio is said to include hip and knee implants sold primarily in France and other European countries. The franchise brands include the Dynacup® and Meije Duo® hip implants and the HLS KneeTec® and HLS Noetos® knee implants.
Corin is a European Orthopaedic manufacturer based in Cirencester, England.
Wright Medical Group N.V. is a global medical device company that provides surgical solutions including for the upper extremities (shoulder, elbow, wrist, and hand), lower extremities (foot and ankle), and biologics markets.
