Wright Medical to sell implants business to MicroPort for $290 million
(Reuters) - Wright Medical Group Inc (WMGI.O) said on Wednesday it will sell its hip and knee implants business to a unit of MicroPort Scientific Corp (0853.HK) for $290 million in cash.
Wright's OrthoRecon business generated about $269 million in revenue for 2012 and proceeds from the sale will be used to further growth in its Extremity ankle and biologic segment.
The medical device maker said it expects about $235 million to $240 million of revenue in 2013 for its Extremity segment and will revise its previously issued outlook.
(Reporting By Adithya Venkatesan)