Biomet announces IPO plans
March 7, 2014 by Brad Perriello
Biomet is planning to put itself back on the public market after a 7-year run under private equity ownership, the orthopedics giant said today.
The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Biomet is planning to put itself back on the public market after a 7-year run under private equity ownership, the orthopedics giant said today.
Biomet is planning to put itself back on the public market after a 7-year run under private equity ownership, the orthopedics giant said today.
A group of private PE players including the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts and TPG acquired Biomet for $11.4 billion in 2007, placing medtech veteran Jeffrey Binder at the helm.
Biomet said it agreed to settle more than 1,000 lawsuits filed over its M2A Magnum hip implants and will likely exhaust the $50 million it set aside to cover the legal tab.
Biomet posted fiscal 2nd-quarter profits today, reporting sales growth for its core hip and knee replacement products and gains across the board for its other medical device lines.
The news augurs well for other orthopedic device makers, as Biomet’s early quarterly reports are seen on Wall Street as bellwethers for the rest of the industry.
By Chris Walker
Biomet signed a European distribution deal for Titan Spine’s Endoskeleton interbody fusion devices, beginning in Germany and spreading through the E.U., the companies announced.
Biomet said today that it closed the acquisition of spinal device maker Lanx Inc.
When the deal was announced early last month, Biomet said it would expand its spine offering with Lanx’s Timberline and Aspen spinal fusion systems. The deal was originally expected to close by Nov. 29.
Medical devices are not the cause of price variations in hospital care across the U.S., but rather are a part of the solution, according to medical device industry lobbying group AdvaMed.
“It is really clear in the evidence provided by these and other studies that medical devices are not the problem when it comes to rising healthcare costs. In fact, they’re a big part of the solution,” Biomet CEO & AdvaMed board member Jeff Binder said during a conference call today.
Biomet said it’s completed the first U.S. implantation in an investigational device exemption trial of its Comprehensive Nano stemless shoulder device.
The stemless shoulder, which is already on the market in Europe, is based on Biomet’s T.E.S.S. stemless shoulder, which has been on the market since 2004.
Biomet said it’s agreed to acquire spinal implant maker Lanx Inc. for an undisclosed amount as it revealed a swing to fiscal 1st-quarter black.
The Warsaw, Ind.-based orthopedics giant said the deal will expand its spine offering with Lanx’s Timberline and Aspen spinal fusion systems.