Gunderson Dettmer Advises Cartiva, Inc. in $435 Million Acquisition by Wright Medical Group N.V.
Gunderson Dettmer is acting as legal advisor to Cartiva, Inc., a private orthopedic medical device company focused on the treatment of osteoarthritis, in its $435 million acquisition by Wright Medical Group N.V. in a definitive agreement announced today, the transaction will add a differentiated PMA-approved technology for a high-volume foot and ankle procedure and further accelerates growth opportunities in Wright’s global extremities business.
The Gunderson Dettmer team was led by Jay Hachigian (corporate), Richard Hesp (corporate), Nevin Fox (corporate), James Hauser (executive compensation), Mark Foster (tax) and of counsel Peter Schoch (IP) with associates Stephen Wheeler, Christopher Warren, Christopher Sintetos, Deidre Kalenderian and Jaime Narayan.
In the official press release, Robert Palmisano, the president and CEO of Wright commented, “We are delighted to add Cartiva's technology, including its Synthetic Cartilage Implant, the first and only PMA product for the treatment of great toe osteoarthritis, to our market-leading lower extremities portfolio. 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."
Under the terms of the agreement, Wright will acquire Cartiva for approximately $435 million in cash. Wright expects the transaction to close in the fourth quarter of 2018.