Two weeks ago we covered the news that Johnson and Johnson’s acquisition of Synthes was likely to be approved by the European Commission, which was set up to investigate the takeover.
It was rumoured that the deal would be ratified subject to concessions relating to J&J’s trauma business. It seems the main concession is that J&J’s Depuy trauma business would be disposed of, because today we hear the news that Biomet, Inc. has made a binding offer to acquire the worldwide trauma business of DePuy Orthopaedics, Inc.
According to a Biomet press release issued through Business Wire, under the terms of the offer, which is binding and subject to exclusivity protection, Biomet will pay approximately $280 million in cash.
The binding offer expires on June 1, 2012 but can be extended under certain circumstances. The transaction is subject to receipt of regulatory approvals, completion of required employee consultation procedures and other customary closing conditions.
“This transaction will provide Biomet with a much stronger presence in the global trauma market and greatly expands our Sports, Extremities and Trauma business, which is a meaningful growth driver for Biomet,” said Jeffrey R. Binder, President and CEO of Biomet, Inc.
“The DePuy Trauma team has done a great job of building a successful business. 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.”
Source: Biomet Inc., Business Wire