BioMimetic Therapeutics Inc. (BMTI) announced Monday morning that it entered into a definitive agreement for a business combination with Wright Medical Group (WMGI). Each share of BioMimetic common stock will be converted into the right to receive an upfront payment of $1.50 in cash and 0.2482 shares of Wright common stock.
BioMimetic Therapeutics has gapped open sharply higher Monday and is now up 2.87 at $7.02, with volume at a 4-month high. The stock has jumped to a new high for the year.
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