TOP OF THE NEWS
for our shareholders. This is also an excit-
ing day for our employees as we officially
join forces to pursue our shared commit-
ment to serving extremities specialists and
building the leading global business in
Under terms of the transaction, each
outstanding share of Wright common
stock was exchanged for 1.0309 ordinary
shares of Tornier.
Wright Medical Group N.V. will leverage the global strengths of both product
brands as a pure-play extremities and biologics business, company officials report.
Once integrated, Wright anticipates rev-
enues of the combined business growing in
the mid-teens and adjusted EBITDA (earn-
ings before interest, taxes, depreciation,
and amortization) margins approaching
20 percent in three to four years. The sav-
ings in operating costs expected after the
merger is expected to range between $40
million and $45 million. These savings are
anticipated to be fully realized by the third
year after completion of the transaction.
Wright’s U.S. headquarters will continue
to be located in Memphis, Tenn. However,
since this is an inversion deal—one that
enables a company to save on taxes by establishing an address overseas—its global
headquarters now will be in the Netherlands.
Investors Channel $91M in
Funding to Outset Medical
Outset Medical, a company attempting to
reimagine the experience of dialysis care
for kidney disease patients, has secured
$91 million in equity and debt funding.
New investor Fidelity Research and Management Company led the $51 million in
equity financing, with participation from
existing investors Warburg Pincus and The
Vertical Group, as well as new investors
Partner Fund Management LP, Perceptive
Advisors and CRG. In addition, CRG led a
$40 million debt financing.
Outset Medical’s Tablo System combines consumer product simplicity, wireless connectivity and real-time integrated
water purification to create a 35-inch dialysis clinic on wheels. Tablo has been
cleared by the U.S. Food and Drug Administration (FDA) for use in acute and
chronic care settings such as dialysis clinics and hospitals.
The company plans to use the financing to launch the product this year and
pursue expanded FDA clearance to allow
patients to use Tablo at home. The FDA
approved an investigational device exemption trial to evaluate the safety and
efficacy of Tablo in this setting.
“We are gratified by the strong showing of support from existing and new investors who share our vision of expanding
where, how and who can perform hemodialysis,” said Leslie Trigg, Outset Medical
CEO. “Today, hemodialysis is labor-inten-sive and expensive to provide, and many