Updated April 3, 2012, at 1:00 p.m. with comments from Biomet.
Biomet Inc. signed a binding offer to pay $280 million in cash for Johnson & Johnson (NYSE:JNJ) subsidiary DePuy Orthopedics‘ global trauma business.
Warsaw, Ind.-based Biomet hopes to expand its sports, extremities and trauma division with the acquisition, which will see DePuy’s trauma employees folded into the Biomet team.
"The DePuy Trauma team has done a great job of building a successful business," Biomet president & CEO Jeffrey Binder said in prepared remarks. "We look forward to welcoming them as Biomet team members and working alongside them to fulfill our commitment to providing customers with outstanding products and service, as well as continued innovation."
The deal comes amid J&J’s attempted $21.3 billion buyout of Synthes, a move that raised eyebrows among regulators at the European Commission, which regulates competition and antitrust efforts for the European Union.
J&J submitted concessions the European authorities in February, hoping to grease the wheels. EuroZone regulators delayed the deadline for a decision on the proposed merger until April 26.
A Biomet spokesman declined to disclose additional terms of the deal, but told MassDevice.com that it is the company’s "intention to invest in and grow our combined trauma business well ahead of the market."
Biomet chose not to speculate on when the deal may close, but Johnson & Johnson officials said in a statement that the sale will likely close in the 2nd quarter, Reuters reported.
