Wright Medical begins buying up BioMimetic shares

Fri, 11/30/2012 - 10:32am
Mass Device

Wright Medical Group picks up about 10 million shares of BioMimetic Therapeutics, for about a 36% stake, ahead of its planned merger next year.

Wright Medical begins BioMimetic Therapeutics merger

Wright Medical (NSDQ:WMGI) began buying up shares of BioMimetic Therapeutics (NSDQ:BMTI), taking out a 36% stake in the regenerative medicine company, according to a regulatory filing.

Wright agreed last week to pay up to $390 million in cash, stock and milestone payments for BMTI, saying it plans to use the acquisition to bolster its foot and ankle healing business.

The Arlington, Tenn.-based medical device company now owns some 10.2 million shares of BioMimetic, according to the filing.


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