August 29, 2018 Source: The Verdict 143
Medical Devices companies Wright Medical Group and Cartiva signed a $435 million cash-based contract wherein the Netherlands-based firm will avail all the outstanding shares of the Osteoarthritis focused US-based firm.
This pact will see an integration of Cartiva’s Synthetic Cartilage Implant (SCI) into Wright Medical’s international Extremities division.
The SCI constitutes a bio-friendly and friction enduring organic polymer which enables the implant to mimic the function of the natural cartilage and minimizes the implanting time to about 35 min. Hence, it becomes a promising contender for a high-volume surgery on the foot and ankle.
These attributes led to its attainment of the US premarket approval (PMA) in July 2016 for implantation at the base of the great toe to treat arthritis. Cartiva’s product is sanctioned in a number of countries including Australia, Brazil, Canada, Chile and EU.
Cartiva aims to reduce the day-to-day incapacitation of arthritis patients by ameliorating the pain in joints and enabling flexible motion of the foot, quicker than treatment with the fusion process.
Wright Medical hopes this transaction expands its Extremities business.
Wright Medical Group president and CEO Robert Palmisano said: “Supported by compelling clinical performance and the only product of its kind backed by Level I clinical evidence, Cartiva is experiencing rapid commercial adoption and is well-positioned for future growth as it addresses large markets with significant unmet needs.
“We believe this technology is a perfect fit for our Lower Extremities business and adds a differentiated product that addresses a common condition that is treated by most foot and ankle surgeons and has strong patient demand.”
Wright medical will acquire the product later this year, post which it expects a boost of $47 million in its net sales by 2019.By Ddu
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