Wright Medical buys Nashville company | Business
Wright Medical Group is in the process of purchasing one of Nashville's largest bio-tech firms, BioMimetic Therapeutics Inc., as part of a deal worth $380 million.
The Nashville Tennessean reports that BioMimetic is developing a new bone graft product which is now under final FDA review. If the deal goes through, BioMimetic will be able to tap into Wright's established sales network to eventually help sell its new Augment Bone Graft product. Wright Medical is a global medical device company, recording more than $500 million in revenue.
Both companies say they believe that Augment will eventually be approved and on the market.
The deal is expected to close in the first quarter of 2013, pending regulatory approvals.