Stryker closes Wright Medical buy, sells some businesses to DJO
Story Originally Published by Mass Device here.
Stryker (NYSE:SYK) announced that it has closed the purchase of Wright Medical (NSDQ:WMGI) and sold some of its arthroplasty systems to DJO.
Kalamazoo, Mich.-based Stryker announced last week that it planned to complete the $4.7 billion tender offer at its expiration, which was scheduled for 5 p.m. ET on Nov. 10, 2020. That news followed U.S. Federal Trade Commission’s announcement of plans to allow Stryker to proceed with the acquisition, provided that Stryker divest certain assets to Colfax (NYSE:CFX)/DJO Global. The U.K. Competition and Markets Authority approved the transaction on Nov. 4.
Yesterday, the company confirmed that the purchase, which as been about a year in the making and was subject to plenty of scrutiny and many hurdles along the way.
“This acquisition enhances our global market position in trauma and extremities, providing significant opportunities to advance innovation and reach more patients,” Stryker chairman & CEO Kevin Lobo said in a news release. “We welcome the Wright Medical team to Stryker and look forward to growing the combined business by delivering solutions that improve patient outcomes.”
As part of the acquisition, DJO announced today that it completed its acquisition of total ankle and finger arthroplasty lines from Stryker for an undisclosed amount.
The Star total ankle system, silicone, surface replacement (SR) and Tactys finger joint arthroplasty lines were the assets divested from Stryker so that it could move forward with the acquisition in accordance with the FTC.
“Ankle and finger arthroplasty are two fast-growing arthroplasty segments, and this acquisition reflects DJO’s focus on providing market-leading solutions to meet the greater needs of surgeons and their patients,” DJO CEO Brady Shirley said in a separate release. “This expansion allows us to address a larger patient population and enhances our goal of helping patients return to an active lifestyle.”