Morrison & Foerster client MicroPort, a Shanghai-based medical technology company, announced its acquisition of the OrthoRecon business of Wright Medical Group Inc. following clearance with the Hong Kong Stock Exchange, marking the first time a HKSE-listed PRC company in the medical devices field has ever engaged in a carve-out transaction of this size and complexity. Wright Medical, a Tennessee-based orthopaedic medical device company traded on NASDAQ, will receive $290 million in cash at closing, which is expected to occur in the third or fourth quarter of 2013.
The OrthoRecon business is MicroPort's first acquisition in the United States and a key step in its global development strategy, as it will allow the company to operate from bases in China, Europe and the United States.
Morrison & Foerster San Francisco corporate partner Jackie Liu led the deal team that advised MicroPort on this acquisition, with key assistance from Hong Kong corporate partner Jeremy Hunt and San Francisco associates Dana Peck, Jeffrey Silver, Katy Alexander and Jenna Feistritzer.