Wright Medical agreed to purchase Alpharetta, Ga.-based orthopedic device company Cartiva for $435 million, according to Compelo Medical Devices.
Here are five things to know:
1. Cartiva develops technology to treat osteoarthritis, cartilage damage and musculoskeletal conditions.
2. Cartiva's synthetic cartilage implant, which is designed to treat osteoarthritis at the base of the big toe, earned premarket approval in July 2016.
3. Consisting of biocompatible, durable and low-friction organic polymer, the cartilage implant functions like natural cartilage and can be implanted in close to 35 minutes.
4. In addition to the U.S., Cartiva secured regulatory approvals for the implant in Canada, Europe, Brazil, Chile and Australia.
5. The deal will provide Wright Medical with PM-approved technology for a high-volume foot and ankle procedure.
The deal is expected to finalize in the fourth quarter.