Dutch medical device company Wright Medical Group has closed the acquisition of US-based orthopaedic devices maker Cartiva.
The company agreed to buy Cartiva for a total consideration of $435m in August this year. Cartiva primarily develops devices for the treatment of osteoarthritis of the great toe.
The acquisition bolsters Wright Medical’s Extremities business with the addition of Cartiva’s premarket approved technology called Synthetic Cartilage Implant (SCI) designed for high-volume foot and ankle procedures.
SCI is made of a biocompatible organic polymer that is durable with low friction. It can be implanted in approximately 35 minutes and is similar to natural cartilage in functionality.
The implant is said to reduce joint pain while retaining the foot’s natural movement, mobility and range of motion. This enables patients to return to their daily functions and activities faster than those treated through a fusion procedure.
Wright Medical Group president and CEO Robert Palmisano said: “With approximately 120,000 procedures for great toe arthritis performed each year in the US, we believe that this technology provides a proven alternative to fusion that reduces joint pain without sacrificing the foot’s natural movement and retains mobility and range of motion.”
In addition to the US, SCI has regulatory approvals in Canada, European Union (EU), Brazil, Chile and Australia.
Wright Medical is focussed on the development of extremities and biologics products. It offers surgical solutions for the upper and lower extremities and biologics markets.