DJO Global said yesterday its subsidiary Encore Medical has closed on the purchase of Zimmer (NYSE:ZMH) and Biomet assets that the merging companies were unloading to satisfy U.S. anti-trust regulations.
The purchase included Biomet Cobalt bone cement, Optivac cement mixing accessories, the SoftPac pouch and Discovery elbow system for the U.S. marketplace, DJO Global said.
Financial details of the acquisitions were not disclosed, the San Diego, Calif.-based company said.
“These product acquisitions are a part of a broader strategy to invest in our fast growing implant business. We believe our surgical division is poised to continue its position as the fastest growing orthopedic implant company. I have always admired Cobalt bone cement’s color features which offer better visualization and much simpler packaging and the Discovery elbow is extremely well-regarded,” CEO Mike Mogul said last week in a press release.
“This acquisition is very timely for us based on our disruptive entrance into the revision market with our Exprt Revision knee launched at AAOS this year and the Discovery elbow provides great breadth to our strong upper extremity portfolio. With 3 major launches planned across the knee, hip and shoulder segments in each of the next 3 years, we are excited about our continued opportunities for growth,” president Brady Shirley said in a prepared statement.
The purchase was announced last week as Zimmer and Biomet closed their $14 billion merger. The merged companies also sold their U.S. unicompartmental High Flex knee assets to Smith & Nephew.
In April Zimmer agreed to sell the High Flex and Discovery assets in the European Economic Area and Switzerland and Biomet’s Vanguard complete knee system in Denmark and Sweden to Lima Corporate SpA. European anti-trust regulators OKed the deal in late March.
