Wright Medical is out of the hip and knee implant business now that the $290 million divestiture of its OrthoRecon business is complete.
Wright Medical (NSDQ:WMGI) said it closed on the $290 million sale of its OrthoRecon hip and knee implant business to China-based MicroPort Scientific (HK:0853).
First announced in June, the deal is aimed at tightening Wright’s focus on the orthopedic extremities and biologics market, president & CEO Robert Palmisano said in prepared remarks.
“With the divestiture of our OrthoRecon business, Wright’s transition to a high-growth, pure play global extremities and biologics company is complete. We will now be able to devote our full resources and attention towards accelerating growth opportunities in this area, including improving sales productivity, extending the global reach and penetration of our products in key international markets, pursuing targeted new business development opportunities, and improving gross margin and EBITDA. We believe this will enhance our ability to create significant shareholder value,” Palmisano said.