Wright Medical Group, a company focused on extremities and biologics products, has completed the acquisition of orthopedic medical device firm Cartiva for $435m in cash.
The acquisition will allow Wright Medical to expand its global extremities business, as well as adds an advanced technology for use in high-volume foot and ankle procedure.
Cartiva, based in Alpharetta of Georgia, is involved in the development of solutions to treat patients with osteoarthritis, cartilage damage and other musculoskeletal conditions.
Wright noted that it will offer updated full-year 2018 guidance, including the impact of Cartiva acquisition, on this year’s third quarter earnings call, which will take place on 7 November.
Wright Medical president and CEO Robert Palmisano said: “We are delighted to welcome Cartiva as a member of the Wright family.
“With approximately 120,000 procedures for great toe arthritis performed each year in the U.S., we believe that this technology provides a proven alternative to fusion that reduces joint pain without sacrificing the foot’s natural movement and retains mobility and range of motion.”
In July 2016, Cartiva secured the US premarket approval for its synthetic cartilage implant (SCI), which was developed to treat arthritis at the base of the great toe.
The SCI includes biocompatible, durable and low-friction organic polymer, which functions similarly to natural cartilage. It can be implanted in around 35 minutes.
Compared to fusion, Cartiva will help reduce joint pain without disturbing the foot’s natural movement and retains mobility and range of motion.
The SCI also secured regulatory approvals in Canada, EU, Brazil, Chile and Australia.
Cartiva also produces ProxiFuse hammertoe correction system, which is sed for the fixation of osteotomies and reconstruction of the lesser toes following correction procedures for hammertoe, claw toe and mallet toe.
The system features Tiny Nitinol anchor that is connected by a self-locking suture fiber and small PEEK body, which offers rigidity across the fusion site.
Wright Medical Group is engaged in the development of extremities and biologics products.
The company provides surgical solutions for the upper extremities such as shoulder, elbow, wrist and hand, as well as lower extremities such as foot and ankle.