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 gapped open dramatically higher Monday, but moved in a narrow range throughout the session. The stock closed with a gain of 3.08 at $7.23 on strong volume and leaped to a new high for the year.
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