Wright Acquires Biotech International for $80 Million

On Wednesday, Wright Medical Group announced that it would acquire Biotech International, a French implant manufacturer, for $80 million.As of now, Wright owns manufacturing facilities in Arlington, Texas. In the agreement, Wright will purchase Biotech for $20 million in stock and $55 million in cash. An additional $5 million in cash will be paid out to Biotech if it can reach certain financial milestones over the next two years."The acquisition of Biotech International is an excellent fit for our extremities business, enabling us to immediately expand our direct foot and ankle presence in Europe and add a base of extremity revenue that we can effectively grow," noted Robert Palmisano, CEO of Wright.For Wright Medical, Biotech's offerings are a strong complement to its existing ankle and foot portfolio. In particular, Wright hopes to use its latest acquistion's distribution network in France to expand the market for its own products.As of now, the deal is slated to close in the fourth quarter of this year.