On 7th March 2008, Wright Medical Inc. announced that it was going to acquire INBONE Technologies Inc. For this acquisition, Wright Medical Inc. made an initial payment of $24 million to INBONE Technologies Inc. According to the terms and conditions of the deal, Wright Medical Inc. would pay INBONE Technologies Inc another $3.7 million in the form of guaranteed minimum future payments.
The Wright Medical Inc announced its business deal on 7th March, 2008. The announcement revealed that, Wright Medical Inc. was going to acquire INBONE Technologies Inc., a privately held company of USA.
Details of the Acquisition Deal
Through this acquisition deal, Wright Medical Inc. would acquire INBONE Technologies Inc. by paying $24 million in cash. But, this $24 million would be the initial payment.Other than this, Wright Medical Inc. would pay INBONE Technologies Inc. $3.7 million in the form of guaranteed minimum future payments.
INBONE Technologies Inc. would also receive some additional payments in future depending upon the future financial performance of Wright Medical Inc. With respect to this acquisition deal, Gary D. Henley, President and CEO, Wright Medical Inc., opined that, the acquisition deal with INBONE Technologies Inc., would help Wright Medical Inc. in becoming the leading provider of foot and ankle surgical products.
He also expressed his hope, that, after acquiring INBONE Technologies Inc., Wright Medical Inc. would be able to expand its’ sales infrastructure.
On the other hand, Mark Reiley, Managing Director, INBONE Technologies Inc., stated that, after completion of the acquisition deal, the exclusive product line of Wright Medical Inc. would be coupled with the ankle replacement product range of INBONE Technologies Inc., and this combination would produce the best product line up in the foot and ankle surgical devices industry of the world. He also opined that, this acquisition deal would benefit innumerable patients and customers all over the world as they would be able to access much improved and technologically strong foot and ankle devices, after the completion of the acquisition deal.