Wright Medical begins buying up BioMimetic shares
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  (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 .