Wright Completes Sale of Tornier Large Joints to Corin
Wright Medical completed the sale of Tornier's hip/knee business to Corin for €29.7MM in cash (~US $32.3MM). Net after-tax proceeds to Wright are expected to be ~$20MM.
Corin's acquisition includes hip and knee implants sold globally, such as Dynacup® and Meije Duo® hips and HLS KneeTec® and HLS Noetos® knee implants.
Wright will proceed to focus solely on extremities and biologics. For 2Q16, growth was supported by contributions from U.S. shoulders and total ankle sales as well as AUGMENT bone graft. Wright reports 3Q16 revenue on November 2.
Sources: Wright Medical Group N.V.; Corin Orthopaedic Holdings Ltd.; ORTHOWORLD Inc.