Wright Medical resumed coverage with an Overweight from Not Rated at JPMorgan JPMorgan moved to an Overweight from Not-Rated rating on Wright Medical Group given strong fundamentals, stabilization in the ortho recon franchise, and likely FDA approval of the Augment bone graft. Price target raised to $29 from $24.
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Wright Medical sells OrthoRecon business to MicroPort Medical for $290M Wright Medical Group announced a definitive agreement under which MicroPort Medical B.V., a subsidiary of MicroPort Scientific Corporation, will acquire Wright’s OrthoRecon business. The purchase price is $290M, subject to a net working capital adjustment, and is payable in cash at closing, which is expected to occur by the end of Q3 or early in Q4.