Orthopaedic giant Biomet, Inc., has announced that it has reached a definitive agreement to acquire Lanx, Inc., a full service spine company and a leader in minimally invasive techniques and technologies. Details of the transaction have not been released at this time.
Biomet Spine says the pending acquisition would expand its technology portfolio through the addition of innovative products currently offered by Lanx, including the Timberline® Lateral Approach Fusion System, and the Aspen® Minimally Invasive Fusion System. These products are complementary to Biomet Spine’s comprehensive offering of products, including the Lineum® OCT Spine System, MaxAn® Anterior Cervical Plate System, Cellentra™ VCBM and the Polaris™ Translation™ Screw System.
The boards of directors of both Biomet and Lanx have approved the transaction which is expected to close on or before November 29, 2013 subject to meeting closing conditions.
Jeff Binder, Biomet President and CEO, stated, “This is an exciting opportunity for Biomet to improve its competitiveness in the spine market by leveraging the best aspects of each company and adding strategically important technologies to our product portfolio. We look forward to welcoming the talented Lanx team members and distributors to Biomet and working together to build our spine business.”
Dan Gladney, CEO of Lanx, Inc., stated, “Biomet Spine is the ideal home for the talent and technologies that Lanx has worked so hard to develop. The combination of these companies and their products will be a powerful force in the spine market of the future.”
Source: Biomet Spine, Business Wire