Zimmer (NYSE:ZMH) and crosstown rival Biomet found a buyer for the knee and elbow assets they pledged to sell off in order to win European anti-trust regulators’ approval for their pending, $13.34 billion merger.
Lima Corporate SpA said last week that it acquired Zimmer’s unicompartmental High Flex knee implant and Biomet’s Discovery elbow device in the European Economic Area and Switzerland. Udine, Italy-based Lima Corporate said the deal also includes Biomet’s Vanguard complete knee system in Denmark and Sweden.
The European Commission in March approved the merger of the Warsaw, Ind.-based companies, contingent on the knee and elbow asset divestitures. Zimmer and Biomet, still waiting on U.S. Federal Trade Commission approval, earlier this month extended the deadline for the deal until July 23.
The deal with Lima Corporate is slated to close after the Zimmer-Biomet tie-up, the Italian company said. The High Flex knee is its 1st unicompartmental device, complementing Lima’s Physica total knee replacement, the company said.
In Denmark and Sweden, Lima said it plans to make and market an exact copy of the Biomet Vanguard knee under a non-exclusive license.
"With the launch of Physica, the acquisition of [High Flex] puts Lima on the map as a serious player in the knee market," CEO Luigi Ferrari said in prepared remarks. "To be focused on our historical markets, we decided that the EEA and Switzerland markets would best fit our strategy. The Discovery elbow will allow Lima to expand and strengthen our leading position by offering a more complete portfolio in the extremities segment."